Best FX liquidity aggregator for Asia currencies: Integral

Integral has closed the liquidity gaps in Asia’s FX and precious metals markets, expanding access to a diverse liquidity network, deploying a patented pricing methodology and growing its regional infrastructure at pace

Heightened volatility across currency and precious metals markets over the past year created problematic patchy liquidity throughout Asia. Access to liquidity in the region, especially for smaller firms, was further fragmented by the abundance of restricted currencies, time zones and venues.

Integral addressed all of these issues over the past 12 months, closing major gaps in much-needed market liquidity access, creating better connectivity and more consistently executable prices.

“Twelve months ago, regional institutions faced gaps in primary liquidity access,” says Judy Goh, managing director, Apac at Integral. “Today, those gaps are closed. We have built new market access, significantly expanded our regional infrastructure and grown our Asia team.”

That market access spans an ecosystem of global and local banks, non-bank market-makers, commodity brokers, electronic communications networks and primary venues. In June 2025, Integral went live with access to CME Group’s electronic institutional spot FX and precious metals trading platform EBS Market and FX Spot+. Key to Integral’s initiative was removing the separate infrastructure hurdle that had kept many smaller participants from trading on that market. EBS, the primary venue for Group of 10 spot FX, provides firm, anonymous liquidity with no last-look pricing. Integral became one of only two technology vendors to deliver this integration during the launch phase.

Integral’s initiative enables clients to execute spot, non-deliverable forwards (NDFs) and precious metals trades through existing interfaces, with no additional cost and no bespoke connectivity projects required.

“While every aggregator connects to liquidity, Integral unlocks liquidity that was previously inaccessible,” says Goh.

Importantly, a fixed-fee pricing model lets institutions increase trading volumes without a proportional rise in aggregation costs, removing an operational ceiling on growth.

Throughout 2025, gold was one of the most volatile marketplaces, setting 53 all-time highs and rising by 65%. This huge gain – the strongest annual advance since 1979 – prompted regional desks to seek deeper liquidity to carry out their required activity.

“It was exactly this kind of volatility that exposed the limits of static, quote-based aggregation and where Integral’s dynamic model was built to hold up,” comments Goh.

Integral clients report being able to access keen pricing and enhanced liquidity during these challenging times. A vice-president at a financial services firm reported: “We have experienced first-hand the substantial impact Integral’s technology can have on precious metals and FX trading operations, offering optimised pricing and superior liquidity.”

Meanwhile, a managing director at a financial services firm spoke of the benefits of Integral’s liquidity aggregation, price engine and distribution technology in structuring precious metals pricing for local Asian markets. “The platform’s robust capabilities allowed us to automate within our unique constraints and enhance our efficiency and client servicing,” he noted.

Over recent months, Integral has also extended liquidity coverage in restricted Asian currencies – through direct connections and its unique methodology, which turns diverse price inputs into fills rather than static quotes.

“Most aggregators collect prices and display them. Integral constructs liquidity, and the difference shows up in what clients can execute, not just what they can see,” says Goh.

Integral’s patented dynamic aggregation methodology means there are no gaps in price tables where firms need to wait. The system dynamically adjusts to market conditions to fill any gaps, ensuring clients always see executable prices rather than quotes.

In another innovative move, Integral has developed the capability to separate price discovery from execution. Clients can choose to keep pricing and execution separate or combine them, which is particularly useful where pricing inputs are plentiful but execution venues are limited: “Integral constructs executable prices from diverse inputs while managing direct pair risk, giving client fills where others only show quotes,” says Goh.

The technology held up through 2025’s most volatile sessions across gold, NDFs and FX. “There were no degraded pricing windows when clients needed fills most,” says Goh.

Overall, this award reflects a platform built for exactly the conditions Asia’s markets delivered this year, and one Integral is positioned to keep scaling as the region’s liquidity landscape keeps evolving.

Integral was named Best FX liquidity aggregator for Asia currencies at the FX Markets Asia Awards 2026.

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