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The following guest post is courtesy of Natallia Hunik, Global Head of Sales at Advanced Markets. Natallia will be leading a workshop at the upcoming iFXEXPO in Cyprus on the topic What exactly is Prime of Prime and how can you become one?
Prime of Prime is a hot topic during many industry conversations, events and discussions.
While some of these new Primes that are appearing in the marketplace are legitimate, and some are just retail brokers trying out a new business model with a new name, there is certainly a gap in the market as to what Prime of Prime really is and how to launch such a service.
While the definition of “prime of prime” keeps changing, so are the solutions available to this segment of the market.
Many FX brokers are looking to become liquidity providers and to distribute their liquidity to their partners as they grow their business and looking for new avenues to expand.
Among many vendors that are now trying to service this sector are ECNs, MT4 bridge providers, and others. However, most of these solutions are not complete and lack either a real liquidity offering, or institutional front-end platform to provide for partner omnibus account management, or don’t have all components. To summarize, many offers currently available in the market are either too costly and high-end, requiring a Tier 1 Prime Brokerage account, or are at the low-end of the spectrum, not scalable, poorly performing and built around MT4.
Fortex’s new product xForce Prime of Prime suite is the first end-to-end, prime-of-prime solution that is designed to allow banks and brokerages, who are looking to become FX liquidity providers, to distribute their price streams directly to their partners’ systems. FX Brokerages can now onboard their own partners by offering white label omnibus accounts and by enabling access to an aggregated corporate account utilizing the institutional Fortex5 front-end. You can learn more by watching the following video:
As there are many new names appearing in the Prime of Prime sector, it is important to differentiate their offerings and understand how to identify key evaluation criteria.
To help you navigate the complex world of Prime of Prime, Advanced Markets and Fortex will be conducting an informative workshop at 12:00 p.m. on May 25th during the iFXEXPO in Cyprus, we will be covering the hot topic of What exactly is Prime of Prime and how can you become one? This is where you can learn about evolution of prime of prime, who sets trends for prime of prime and much more.