Sucden Financial signs up Currenex to meet demand from proprietary traders

Sucden Financial has enabled trading access through the Currenex API and platform, in response to demand from a growing customer-base of proprietary trading shops.

Officials at the London-based institutional broker say it has seen a rise in the number of prop shops coming onboard as an upgrade from margin foreign exchange platform, MetaTrader4. In so doing, the traders are able to plug-in in-house developed algorithms to an API as opposed to being limited to using the algorithms available on the MT4 platform.

The white-label partnership however also enables Sucden's institutional clients to access Currenex's front-end trading system and extend the offer on to their end-customers, say company officials.

It adds to an existing partnership between Sucden and trading technology vendor Integral, dating back to 2008.

"Both Currenex and Integral have a wide range of features, some overlapping, some unique to each platform. By offering clients a choice of platforms, Sucden is giving them more flexibility on where they trade to suit their business needs," says Jonathan Brewer, head of e-FX business development at Sucden Financial in London. "With this choice of platforms available, clients can automatically divert flow from one platform to the other."

Integral for example, offers an unlimited number of liquidity feeds that can also be customised for Sucden. Currenex, meanwhile, uses standard feeds across all customers, but is typically the platform of choice for proprietary trading accounts.

Officials say other platforms are also under review, although no names were provided.