GBX Technologies Adds TopFx as Liquidity Provider, Bank of Communications to Handle Won-Yuan Clearing

Hong Kong-based forex tech solutions provider GBX Technologies Ltd has added TopFx as one of its liquidity providers. TopFx is regulated by the Cyprus Securities and Exchange Commission and is allowed to provide forex services to all EU member states.

TopFx obtains the forex liquidity from 11 major banks and provides narrow spreads to the clients. It strictly sticks to a 100 percent agency model and sustains a “no-complete” policy, which means that no conflicts of interest with customers exist. This means no set-up fees, hidden costs, minimum volumes and deposits.

The liquidity solutions are tailored based on the unique needs of each individual client.

“We are pleased to incorporate TopFx as a liquidity provider. Their commitment to providing tight liquidity and excellent pricing to clients and traders is consistent with GBX’s commitment to being the premier technology provider in the forex bridging industry. We look forward to expanding our relationship with TopFx to provide additional value-add to our respective clients,” Eric Lowe, the Managing Director of GBX Technologies Ltd for Asia said in a press release.

In a separate report, the Bank of Communications Ltd has been designated as the clearing bank for direct yuan trading with the won in Korea by the People’s Bank of China, reported the Bank of Korea. The Bank of Communications, which was established in 1908, is one of China’s biggest banks.

South Korean President Park Geun-Hye and his Chinese peer President Xi Jinping reached an agreement on July 3 to lay the groundwork for direct won-yuan trading in the financial capital of Seoul as early as 2014 in order to lower the costs of doing business and reduce foreign exchange risks associated with using mediating currencies like the U.S. dollar.