Fortex Technologies, an institutional foreign exchange (FX) trading solutions provider, on Thursday announced an expansion of its crypto services with the launch of crypto non-deliverable forwards (NDFs) and an institution-focused platform.
NDFs are cash-settled forward contracts which usually have a short-term and as the name suggests, the notional amount is never exchanged.
The newly launched instruments will only be offered to institutional clients, allowing deeper Liquidity access and larger trade sizes in an ECN environment.
With the institutional-grade platform, the company will provide an array of services, including an end-to-end solution facilitating price discovery, liquidity aggregation, OEMS, risk management, white-label, and price distribution.
Commenting on the development, Jason Young, head of institutional FX at Fortex, said: “The major benefits in the design of Fortex’s software and system architecture are that it: 1) is completely flexible, modular, and scalable, 2) is multi-asset, and 3) has been continually improved upon for over 20 years. While there are differences between fiat and Cryptocurrencies , our technology and market experience have made the integration of cryptocurrencies and digital assets to our platform a smooth one.”
Digital assets - the new lucrative investment arena
Fortex partnered with Tier1FX last year to jump in the crypto arena by offering CFDs of multiple digital assets, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple.
The crypto CFDs offered by the platform have been adopted by multiple platforms, including Advanced Markets.
Meanwhile, last month, the platform added single stock CFDs to its trade offering to provide broker-dealer clients the ability to trade stocks of more than 50 large-cap “blue chip” companies such as Apple, Google (Alphabet), Facebook, Amazon, Telsa, IBM, JP Morgan, Barclay, Alibaba, Baidu, and more.
“We very much look forward to further enhancing this part of our offering in line with our clients’ needs,” Young added.
