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Phillip Nova, the Singapore-based multi-asset brokerage, is extending its collaboration with currency technology provider Integral to enhance its non-deliverable forward (NDF) and foreign exchange (FX) swap trading capabilities amid surging regional demand.
The expansion comes as the Asia-Pacific NDF market experiences significant growth, with average daily volumes for cleared NDFs reaching over $65 billion as of September 2024. Open interest surpassed $2 trillion for the first time, highlighting the increasing popularity of these instruments that allow traders to hedge or speculate on currencies with restricted liquidity.
This development builds upon a partnership that began in 2021 when Phillip Nova first deployed Integral's end-to-end FX trading solution to support its FX spot and contract for difference (CFD) business. The brokerage will continue to benefit from Integral's fixed-fee subscription model, which has helped streamline operational costs, reduce cost volatility during volume fluctuations, and facilitate business scaling.
Phillip Nova has established itself as a prominent brokerage in the Asia-Pacific region, offering trading services across multiple financial instruments including FX, CFDs, futures, stocks and commodities to a diverse client base ranging from retail traders to institutional investors.
Teyu Che Chern, CEO, Phillip Nova
Teyu Che Chern, CEO of Phillip Nova, said: "We've worked closely with Integral over the years and have seen how their technology helps us respond quickly to market demands. With more clients trading NDFs and FX swaps, it's important that we continue building on infrastructure that's both scalable and cost-efficient. Expanding our partnership with Integral lets us handle growing volumes without compromising on performance - and that's key as we continue to grow our presence in the region."
Harpal Sandhu, CEO, Integral
Harpal Sandhu, CEO of Integral, added: "Phillip Nova's move to expand our partnership is a testament to the confidence our platform instills in brokerages across the world. We have witnessed first-hand how our platform's fixed-fee pricing can enable brokerages to scale and tap into new audiences, and we are excited to support Phillip Nova as it continues to grow, innovate, and expand its footprint."
To learn more about Integral's instituti0nal FX services, or to contact the company, click the link below.
