FX trading solutions provider Integral Development has joined the growing list of swap execution facility (SEF) applicants.
The firm confirmed that is has applied to Commodities and Futures Trading Commission (CFTC) to launch a SEF for FX trading, called INFX SEF.
Integral plans to offer a fully regulatory compliant FX trading platform, with connections to liquidity providers, clearing houses and securities depositories.
As the service is offered via Integral’s cloud, the firm said there are no upfront investments and customers will be able to use a pay-as-you-go model fee structure.
“As a natural extension of our OTC FX platform FX Grid, we took the challenge of helping out customers, partners and liquidity providers navigate the new regulatory landscape,” said Integral CEO, Harpal Sandhu.
“We have created a SEF that preserves what is best about OTC markets – relationships, choice, resiliency and bespoke business models, thereby minimising any potential disruption to our customers’ foreign exchange trading business.”
The firm is the seventh to apply for SEF status, though it is thought as many as 30 may apply. So far, Bloomberg, Tradeweb, GFI, MarketAxess, trueEX and TerraExchange have applied in addition to Integral. Last week, Bloomberg confirmed it has received authorisation from the CFTC to launch a SEF.