Integral Overview
Integral offers a direct market access and an aggregated FX trading system, FX Inside Professional, FX Power Trader and FX Inside API, that aggregates executable prices from the major liquidity providers, including banks, ECNs and FX portals.
Both systems algorithmically sorts and ranks prices giving you the best price for any trade size with real-time execution of large trades over multiple liquidity providers and their pricing tiers. Aggregated prices are ordered according to best bid and offer prices. Straight Through Processing (STP) allows executed FX trades to automatically flow into your back office regardless of liquidity provider.
FX Inside Professional aggregates your FX executable prices from your liquidity providers, whether market making banks or other liquidity venues, enabling a trader to execute their trades from a single application.
Benefits of Integral’s FX Aggregation Model
- Best Price/Best Execution — FX Inside Professional algorithmically aggregates and ranks prices from your liquidity providers, giving you depth of liquidity and best price, so you can execute the best deal available from Integral’s liquidity providers.
- Depth of Liquidity — Liquidity is consolidated and displayed with bad, stale, and latent prices filtered out.
- Transparency – View your trading relationships with full visibility and transparency, consolidated on one screen.
- Large Trades — FX Inside Professional’s algorithmic capabilities support executing large trades across multiple liquidity providers and their price tiers. Size of large trades can be undisclosed keeping your interest private and supporting best pricing from your liquidity providers.
- Single Configurable Interface — An intuitive, highly-configurable user interface provides flexibility in displaying all your liquidity providers with their multi-tier prices by currency pair, size, and provider on one screen. Arrange and customize dealing panels to suit your requirements. Any panel can be torn off to be viewed on any monitor on your desktop.
- Powerful Trading Techniques — Multiple trading modes, sophisticated order-crossing logic, and powerful configuration options for ESP, RFS and undisclosed or displayed orders, gives you complete control over your dealing activity.
- Request for Stream — Request for stream (RFS) for spot, outrights, or swap trades can provide access to more currency pairs and better prices for larger sizes.
- Trade Completion — The FX Grid® low latency network increases the probability of filling and execute an order, and reduces rejection rates from LPs due to delays. You can submit orders and execute your trades in real time.
- Single STP — STP is available via RTNS, Traiana, and Integral’s STP client.
- Ease of Deployment — Integral’s solutions and services are delivered On Demand so that you can quickly go live without having to set up, own and operate a costly IT infrastructure. No software to install, no migrations to plan.
FX Inside Professional
FX Inside Professional is an aggregated direct market access trading system for institutional spot, forward outrights and swaps traders that combines pricing from your liquidity providers with algorithmic trading to give you maximum liquidity and best execution.
By using Integral’s FX Inside Professional, foreign currency traders no longer need multiple trading interfaces on their desktop. FX Inside Professional aggregates the functionality, pricing and liquidity all under one trading interface without needing increased staff to manage all the various connections. No separate prime brokerage accounts or back-office infrastructure is needed and STP allows executed FX trades to automatically flow into your back office regardless of the liquidity provider.
Interface Features
Three methods are supported for receiving prices and executing trades, Executable Streaming Prices (ESP), Request for Stream (RFS) and undisclosed (or displayed) orders.
Price Discovery Functions
- ESP Price Details Panel — Shows bid/offer prices sorted and ranked and depth of book.
- ESP Prices Panel — Lists the best bid/offer prices for currency pairs according to best price, price at depth or VWAP.
- RFS Price Details Panel — Shows the full depth of book and expiry periods for a specific currency pair. Rates from multiple liquidity providers are displayed for a single request.
- RFS Price Panel — Lists the best price and expiry time for an RFS price stream. See the result of multiple simultaneous RFS streams on a single panel. Display best bid and best offer.
- Orders Panel Function — Enter an undisclosed limit or stop loss order, or display orders to be offered and matched by your counterparties.
Trade Execution Functions
- Market Order — Execute at market price.
- Immediate or Cancel (IOC) — Any portions not immediately executed are automatically cancelled.
- Work the Balance — Automatically execute orders at a selected price as rate updates are available for a remaining balance.
- Icebergs — Select a partial amount of a total desired trade to be displayed to counterparties.
- VWAP (Volume Weighted Average Price) — Execute orders keeping the average execution price at or better than a specified value.
- Order Expiry — GTD or GTC
Trade Entry Functions
- Single click or double click on a price.
- Quick order entry buttons from a price ladder drop down.
- Manual entry of order in orders panel.
- Click on a price to accept an RFS offer.
- Use the optional custom keypad for dealer keystroke efficiency. Designed with industry standard specifications, the programmable keypad occupies a minimal footprint.
Reporting and Monitoring Functions
- Account Details — Shows credit and P&L status.
- Monitors Panel — A single panel shows all orders, positions, deals, messages and exceptions with appropriate dates, times, and amounts. The panel can be searched, downloaded, and printed.
- A Market Snapshot — Shows all prices at the time of the trade.
- Reports — Reports can be created by currency pair, counterparty, dealer, date and other custom variables.
- Multiple Collaborative Views — Other members of the trading desk, such as the chief dealer, can see all activity and status for all the institution’s traders.
FX Power Trader
FX Power Trader is an aggregated direct market access trading system for retail spot FX, forward outrights and swaps traders that combines pricing from Integral’s liquidity providers. We believe the FX Power Trader application offers the latest technologies for strategy development and execution, charting, and client customization. The system makes it easy to provision and manage your clients in a secure environment.
Interface Features
FX Power Trader features real-time display of currency rates, fully integrated news feeds, rich graphs and charting, customizable workspaces, and online help to suit your client’s needs.
Trading
- A dealing panel provides one and two-click trading
- Order panel for orders placement
- Advanced order types include Market, Limit, Stop and OCO
- Time-in-force option for GTC or Day
- Comprehensive trade blotter and reporting
Account Management Panels
- Pending orders
- Account summary
- Over twenty reports
Research — Retail FX investors require integrated research and market commentary, breaking news feeds and reference data to develop their execution strategies. With FX Power Trader you can integrate your own news sources and market research.
Charting and Technical Analysis — FX Power Trader allows traders to create automated strategies, and import MetaTrader 4 Expert Advisors. Traders initiate buys or sells directly from charts, with entry and exit trades clearly highlighted. The client trading interface offers seven chart styles, with twenty-three technical indicators and ten line studies.
Customizable Workspaces — Workspaces are easily configured from a set of panels. Panels can be linked for rapid navigation between currency pairs. Multiple workspaces can be configured.
Supported Desktops — FX Power Trader enables clients to access trading accounts through desktop software and Microsoft® .NET
Online chat — Online chat gives clients direct access to broker support
FX Inside API
Automated, algorithmic and quantitative FX traders can integrate their proprietary electronic and algorithmic client/server, browser based, and mobile application trading systems via the FX Inside API to consolidate executable FX prices from multiple liquidity providers. FIX protocol, as well as Java and C++ interfaces, are supported. For flexibility and extensibility XML is the standard used for messaging. All APIs are provided within an SDK for easy inclusion into proprietary application environments.
FX Inside API’s elegant, data-driven interface, allows application developers to focus on their core functionality and online trading business requirements.
FX Inside API Benefits
- Time to Market — Leveraging the FX Inside API’s rich functionality to access liquidity, businesses can quickly respond to changing market demands.
- Easy Black Box Integration — Easily add multi-source direct market access to black box and quantitative solutions.
- Easily Integrate Your Existing Proprietary FX Trading System — Integrate your proprietary trading systems into the robust, feature-rich, FX Grid. Leveraging existing trading applications eliminates the learning curve for your users.
- Expand Your Custom Business Strategies — Continue to leverage your custom business execution strategies – clear separation between your order execution strategies and FX Inside liquidity acquisition.
- Support for Liquidity Provider Access — Direct market access pricing from one or multiple liquidity providers.
- Two Methods of Pricing & Execution — Access dealable quote information through both Executable Streaming Prices (ESP) and Request for Stream (RFS).
- Post-Trade Processing — Provides support for multiple STP formats and for a single connection for all executed trades to flow into your back office system. No additional software is required.
- Low Latency — Direct access to the FX Grid®, Integral’s high availability, low latency network. Connect over the public internet, a VPN, leased lines or a Private Network.
- Authentication & Security — Support for industry standard authentication mechanisms and secure messaging transportation via HTTPS
Supported Environments
- Windows 2000, XP and Windows 7
- Linux
- Java versions
- JDK 1.4 and 1.5
- C++ version
- GNU C++ 4.1.1
Integral MetaTrader 4 Bridge
Integral’s aggregation engine, FX Grid, is available to traders utilizing MetaQuotes MetaTrader 4 retail platform. With Integral’s MT4 Bridge, multiple liquidity providers can be aggregated into a single MetaTrader 4 system.
In combination with FX Inside Professional or FX Power Trader, traders can customize unique price streams from aggregated liquidity with sophisticated control over liquidity sources.
Integral MetaTrader 4 Bridge Benefits
Best Liquidity — Using the Metatrader 4 Bridge, traders can access liquidity from any of their prime broker’s counterparties on the FX Grid providing access to more price feeds, resulting in better pricing and depth of liquidity by having to not rely on a single FX liquidity provider.
Back Office Integration — Trades done with liquidity providers can be sent directly to your prime broker using pre-established FX Grid STP links.
*Please note that liquidity, low latency, dealable pricing and tight spreads are subject to market conditions and are not guaranteed.
