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available, knowledgeable and responsive PoPs.


FX PoPs and brokers will need to create strong technological synergies and connections in order for the broker to receive the best possible service. Te broker’s choice of PoP, therefore, is serious business. It represents a commitment to an entire way of working. For this reason, PoPs need to be able to demonstrate distinctive customer service in the areas of technology, integration and bespoke services.


In general terms, integration can be a long and costly process. “Tat’s why TopFX provides a dedicated integration team who steer our new brokers through the entire process,” says Styllas. “We have procedures that streamline the integration process and bypass many of the various formalities that unnecessarily decelerate the process, allowing for full integration within a matter of days that makes a significantly


positive impact on brokers’ early experiences with us”.


TopFX also stresses the value of its no minimum volume, no set up fees that afford new brokers the flexibility they need to grow at a sustainable pace, secure in the knowledge that a drop in volumes will not necessitate an overhaul of their liquidity sourcing.


But, says Styllas, the value of customer service and broker- friendly agreements are nullified if technology and service standards are below-par. “Excellent customer service must not come as a substitute for overall service quality. At TopFX, we source liquidity from only eligible counterparties, and we’re entirely FIX integrated with connections to all major LPs and banks. Brokers need consistent and stable pricing, and an unqualified dependability that doesn’t falter with time. Our entirely STP model helps us deliver the deepest possible liquidity while freeing


“We recognize the importance of removing all conflicts of interest between us and our clients, and of offering a fully transparent service where our success is tied to the success of our partners. If you really want to reduce risks, then


establishing a relationship with a PB market maker might not be the best way to achieve this.”


Gabriel Styllas


up resources which we can then allocate to client service requests.”


Adaptability


All brokers need flexibility and adaptability in the integration process and onwards in order to minimize normal workflow disruption.


Gabriel Styllas says “Being adaptable illustrates an understanding of broker needs in line with changing industry circumstances. We tailor solutions where needed according to geographical region, client type, or other particular needs such as customized solutions for retail brokers, and continued expansion of our product suite to suit industry conditions. It’s also the PoPs responsibility to continually re-examine hardware capacities to ensure it keeps up with broker requirements and can comfortably service rapid increases in volumes and clients.”


Flexibility is also required in terms of application support. “We’re completely platform agnostic. Our liquidity can be plugged in to any existing broker setup, whether they’re using new STP technologies such as cTrader, MetaTrader products, or other third party or proprietary platforms.”


With the gravitation towards primes and Prime of Primes becoming every stronger, it falls to the PoPs themselves to make wise investment decisions that will facilitate liquidity management for brokers and offer the flexibility required to adapt to an industry which evolves at breakneck speed. Tose that acquire the right technologies and invest in good customer service will thrive, those that don’t, won’t.


INSTITUTIONAL FX SERVICES - THE BROKERS HANDBOOK 2012/2013 | 67


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