IS Prime Hong Kong, part of ISAM Capital Markets, has been granted a Type 3 Leveraged Foreign Exchange Trading licence by the Securities and Futures Commission (SFC) in Hong Kong. The licence enables the firm to offer leveraged FX trading services to institutional professional investors. The named Responsible Officers are Will Robbins, head of Asia […]
Tag: IS Prime
IS Prime has released new proprietary failover technology enabling clients to simultaneously connect to its matching engines in New York and London. This means that through a single margin deposit, IS Prime can – in the case of a disconnection or any other disaster recovery event – automatically migrate activity from one data centre to […]
IS Prime has extended its liquidity distribution by connecting to TradAir. Utilising TradAir’s solution, banks and brokers can view and trade directly against IS Prime liquidity as well as utilise it to enable their clients to benefit from the pricing. “Expanding our distribution to TradAir’s client base on a disclosed basis allows us to provide […]
IS Prime, part of ISAM Capital Markets Group, has integrated its liquidity matching engine with Tools for Brokers’ infrastructure. Tools for Brokers is a technology provider that develops plug-ins and applications for MT4 and MT5. This new partnership means that Tools for Brokers’ clients wishing to take IS Prime’s liquidity can now do so with […]
IS Prime has extended its multi-asset liquidity distribution through a partnership with Integral. IS Prime’s FX and index swaps liquidity is now available through Integral’s OCX platform. Index swaps are IS Prime’s proprietary product, delivering pricing and execution on indices and commodities globally. “IS Prime is an exciting addition to the Integral OCX marketplace and […]
IS Prime, part of ISAM Capital Markets, has hired Paul Jackson as a sales director. Based in London, Jackson will have a global remit and report directly into the IS Prime board. Prior to this move, he was director of sales and a member of the management team at CFH Clearing, with responsibility for assembling […]
Terry Gill has joined IS Prime’s agency execution team in a newly created institutional sales role. The firm recently announced the addition of NDFs and forwards to meet the demands of its institutional clients.
Gill joins from Edgewater Markets, where he held the post of director, he began his career 10 years ago as a money broker at Tullett Prebon. After Tulletts he moved into a sales role with Rosenthal Collins Group (RCG) before helping to launch Edgewater in 2013, following the business’ decision to break from RCG.
IS Prime, part of ISAM Capital Markets, is launching an NDF and forward execution facility within its agency desk.
The firm says its agency execution service leverages its relationships with top tier banks whilst also utilising the technology resources of ISAM’s hedge fund business. It provides mid-tier and smaller banks, hedge funds and voice traders with an anonymous, customised liquidity solution with liquidity from the major market making banks, non-bank LPs and selected ECNs.
“The addition of NDFs and forwards in our agency execution business shows a steadfast commitment to doing all we can to meet our institutional clients’ growing demands,” says Raj Sitlani, managing partner, IS Prime.
Raj Sitlani, co-founder of IS Prime and managing director of ISAM Capital Markets, sat down with Profit & Loss in Shanghai to talk about the challenges associated with expanding into Asian FX markets and why technology remains the key differentiator for prime-of-primes.
Profit & Loss: So what’s your business focus in Asia?
Raj Sitlani: We have a large market share in Australia but, until recently, never truly had the manpower or the resources to crack the broader Asia market. However, there’s a very big opportunity in the region for us to provide our flagship product – which is a prime-of-prime service with aggregated FX liquidity – and so last year we set up a Hong Kong office through which we can build out our presence in North Asia and China.
The traditional assumption in the FX industry is that accessing a bank prime broker is always preferable to using a prime-of-prime. Galen Stops speaks to service providers seeking to challenge that assumption.
“One thing that’s quite interesting is that in the mindset of the FX industry, there’s a certain hierarchy,” says Jonathan Brewer, managing director of IS Prime. “There’s basically an assumption that if you want to participate in the FX market, then the pinnacle provider that you should aim for is a tier one prime broker (PB), and then you should only go and look for a prime-of-prime if, for whatever reason, your face didn’t fit at a tier one PB.”
Although to some degree this hierarchy might be psychologically driven, there are also very valid reasons why market participants might prefer an FXPB to a prime-of-prime (PoP) offering.