Phillip Nova is expanding its partnership with Integral, a leading currency technology provider to the financial markets, to enhance its non-deliverable forward (NDF) and foreign exchange (FX) swap trading operations.
The Singapore-based multi-asset brokerage firm, part of PhillipCapital, is doing this amid surging demand for NDFs among traders in the Asia-Pacific region.
NDFs are forward contracts that allow traders to hedge or speculate on currencies that have restricted liquidity.
As of September 2024, average daily volumes for cleared NDFs reached over US$65 billion, with open interest surpassing US$2 trillion for the first time.
By deploying Integral across these instruments, Phillip Nova will benefit from Integral's fixed-fee subscription model, enabling the brokerage to streamline its operational costs, mitigate cost volatility when volumes fluctuate, and scale the business more easily.
This development builds on a successful existing partnership, with Phillip Nova initially deploying Integral's end-toend FX trading solution in 2021 to support the growth of its FX spot and contract for difference (CFD) business.
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"We've worked closely with Integral over the years and have seen how their technology helps us respond quickly to market demands," says Teyu Che Chern, CEO of Phillip Nova.
"With more clients trading NDFs and FX swaps, it's important that we continue building on infrastructure that's both scalable and cost-efficient. Expanding our partnership with Integral lets us handle growing volumes without compromising on performance - and that's key as we continue to grow our presence in the region," he adds.
Harpal Sandhu, CEO of Integral, describes Phillip Nova's move to expand this partnership as a testament to the confidence Integral's platform instills in brokerages across the world.
"We have witnessed first-hand how our platform's fixed-fee pricing can enable brokerages to scale and tap into new audiences, and we are excited to support Phillip Nova as it continues to grow, innovate, and expand its footprint," he adds.
