The access to the resource is free and it can be used by brokers and clients to settle transaction disputes
Californian forex technology company Integral Development has now officially launched its earlier unveiled product aiming to bring more transparency to the forex market. While we haven’t tried the service yet, it can be a very useful tool for risk management departments at forex and binary options brokerages who are settling disputes with customers that are claiming to get a different price from the market rate.
While forex is a decentralized market place and rates can vary from source to source it will certainly introduce an aspect of neutrality especially with Stanford’s support in the development of the benchmark methodology. Rates on 7 currency pairs can be officially accessed starting today at the website FXBenchmark.com for free with only a registration required.
Once the user logs into his account he can access the currency pairs section of the website that will provide the pairs available – AUD/USD, EUR/USD, GBP/USD, NZD/USD, USD/CAD, USD/CHF and the USD/JPY. Daily archives are available for all pairs for the past 5 trading days. We are wondering whether Integral plans to launch a more advanced service that includes more than 5 days’ worth of data for a small fee. Many parties will be interested in that sort of data assuming reasonable pricing.
The service can relate to the broad industry and be useful for auditing purposes by forex brokerages and binary options providers, however it has the potential to attract many institutional investors and corporate clients as well. Recent investigations surrounding the foreign exchange fix manipulation in London are certainly raising eyebrows across the world.
For the full press release visit the website of Integral Development Corp.