DMALINK Turns To eFX Market Makers As It Expands Global Code
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Institutional FX trading services provider DMALINK has announced that it has expanded its global code of conduct order matching feature. The company says the goal is to target eFX market makers. This comes after the company completed the beta version of the service it executed in the first half of the year.
Counterparties Have Confirmed Their Participation
Selected counterparties have confirmed that they will comply with the code, as many of them participated in the trial during the beta version. Global Head of Sales at DMALINK, Michael Siwek, stated that even though the code is only voluntary, it is still a “step in the right direction.” He added that the use of the codes can bring more benefits, which will include implementing the vital metrics as a quote-to-order ratio. Categories based on currencies and regions will also be distinguished.
Chief Executive Officer of DMALINK, Manu Choudhary, commented on the development. He stated that the company is excited to roll out the global code of conduct streams across New York and London trading centers. “We are always working to improve the liquidity provision for all platform participants,” he added. DMALINK plans to expand the parameters used in establishing prudent liquidity utilization over the next year, according to Choudhary.
Chief Operating Officer of DMALINK, Ashwin Soonarane, also commented on the development. He noted that the code of conduct has to allow clients and market makers to partner and form a benchmark of sustainable eFX execution practices.
FX ECN Has Expanded Its Services Over The Past Months
Over the past months, the institutional FX ECN has been strengthening and expanding its presence in the eFX. In September, DMALINK strengthened its developer and emerging market currency presence. The company recently partnered with Crédit Agricole CIB on its FX platform.
The recent collaboration will provide custom eFX pricing to its clients. According to DMALINK, an opportunity came into the market following an increase in the buy-side demand. This comes after DMALINK added more people to its advisory team in February 2022. The firm appointed Thomas Soede and Greg Myes to expand its operations in the digital assets and foreign exchange space.
