MultiBank Group has enhanced its dominance in the prime brokerage trading industry with the launch of MEX Exchange, an institutional investor electronic communication network (ECN). Announced yesterday (Monday), the company claims the ECN is the first based in the BRICS and GCC countries.

A New Institutional ECN

The ECN is offering liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term on spot FX, precious metals, and commodities, according to its website. The new platform is headquartered in Dubai and has plans for expansion with over 20 offices globally.

In the official announcement, MultiBank also highlighted that it is challenging the dominance of the USA and Europe in the global ECN market with its new Middle-East-based platform.

“Today, we unveil a major project that will reshape the 2024 Financial World Order,” said Naser Taher, founder of MultiBank Group. “Within two to three years, MEX Exchange will have a profound global impact, delivering substantial financial returns and profits. As the only ECN inter-bank trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term based in the GCC and BRICS countries, we’re at the forefront of change and innovation.”

The Backbone of FX Markets

ECNs are very popular in spot FX markets. Without a central exchange for currency pairs, brokers use ECNs, a computerised system, to automatically match buy and sell orders. Further, ECN brokers also offer higher execution speed and transparency compared to those following the STP model.

MultiBank highlighted that its ECN exchange was developed under the direct supervision of Taher and the CEO of MEX Exchange, David Ogg, who also founded HotspotFX, which is recognised as the first institutional ECN. After spending 40 years in the trading industry, Ogg joined MultiBank last year in February.

Meanwhile, companies are also recognising the application of ECNs in crypto trading. Last year, CrossOver Markets, a company founded by two former prime brokerage executives at Jefferies, launched CROSSx, an execution-only cryptocurrency platform, which handled more than $3.15 billion in trading volume in the first three months of 2024.