Advanced Markets has launched trading in spot platinum and palladium. The new metals products will be priced and traded through Advanced Markets’ Direct Market Access (DMA) market structure, allowing market end users to trade on multi-bank liquidity provided by market makers in a low latency, pure agency model.
The company already supports DMA trading of gold and silver. Platinum and palladium have been in live test trading with a select group of clients since the beginning of February with the new products now available to all Advanced Markets clients.
“We see the benefits of DMA in our existing FX and metals markets, including tighter, truer bid/offer spreads and minimal to zero slippage or rejections, accruing to traders of these new metals products,” says Anthony Brocco, chairman of Advanced Markets.
The launch marks the first new products offered under Advanced Markets’ new legal and regulatory structure. Late in 2013, the Australian Securities and Investments Commission, which has regulated the company since June, approved Advanced Markets Ltd., a new Caymans Island-registered entity, as a regulatory licensee. The change allows the company to offer a broader array of services and products, including contracts for difference and energy products, to the global bank and brokerage community.
“Our new regulatory structure and domicile supports the breadth of financial and commodity products demanded by our global wholesale clientele,” says Brocco. “We look forward to launching CFDs and other eligible currency and energy products in the coming months.”
Advanced Markets, headquartered in Charlotte, North Carolina, launched its FX DMA services in 2009 with the aim of providing trade executions without re-quotes or dealing desk intervention. All trades are anonymous and matched with the bank providing the best bid or offer on the platform solely on a price/time protocol.
The company, which is privately held with outside investors including Macquarie Americas Corp. and GFI Group, relinquished its US retail broker registration in September 2012 so it could focus on its primary business of providing wholesale products to institutional market participants.