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Screenshot of a breaking news alert e-mail from Q2 2017
LeapRate Exclusive… After some initial growing pains which included the departures of CEO Klaus Buhl and COO Ashraf Agha, LeapRate has learned that FCA regulated institutional FX provider True Trade (truetrademarkets.com) has gone live.
Institutional clients have begun trading trading FX on (Phase 1) of True Trade’s new proprietary execution platform. True Trade provides clients with access to top-tier bank and non-bank FX liquidity. True Trade can be accessed in numerous ways including FIX API. The company plans to soon add liquidity access to CFDs and commodities.
True Trade Ltd is controlled by New York based Michael Frey, CEO of parent company True Trade Holdings, Inc., and a career FX platform developer. Mr. Frey brought in as CEO of the FCA regulated entity former Saxo Bank and Gain Capital Holdings Inc (NYSE:GCAP) executive Klaus Buhl. And as COO he hired Ashraf Agha who had previously worked in senior roles at Marex Spectron, CFH Markets, and Saxo Bank. As noted above, both Mr. Buhl and Mr. Agha left True Trade soon before formal launch of the business, with Mr. Frey stepping onto the True Trade Ltd board in place of Klaus Buhl.
Mr. Frey stated that True Trade’s platform improves liquidity and provides full transparency and equal market access at reduced costs for its clients.
Michael Frey told LeapRate:
We are very excited to see the launch of our proprietary and disruptive technology platform for FX trading. True Trade’s platform improves liquidity, and provides transparency and equal market access at reduced costs to its clients. More features such as Contract For Difference (CFD) and Metals would be coming soon.
According to Mr. Frey, True Trade’s mission is to transform the FX and other trading markets by setting the standard that all clients and regulators should demand from all platforms, liquidity providers and dealers.