Singapore-based multi-asset brokerage firm Phillip Nova has announced that it 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 news comes amid what Phillip Nova described as surging demand for NDFs among traders in the Asia-Pacific region. These 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 $65bn, with open interest surpassing $2tn for the first time.

By deploying Integral across these instruments, Phillip Nova said it will benefit from Integral’s fixed-fee subscription model. This has enabled 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-to-end FX trading solution in 2021 to support the growth of its FX spot and contract for difference (CFD) business.

Phillip Nova is a leading brokerage firm in the Asia-Pacific region, specialising in trading services for a wide array of financial instruments such as FX, CFDs, futures, stocks and commodities. It caters for a wide range of clients, from retail traders to institutional investors.

Teyu Che Chern, CEO of Phillip Nova, said,

“We’ve worked closely with Integral over the years and have seen how their technology helps us respond quickly to market demands. 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.”

Harpal Sandhu, CEO of Integral, added,

“Phillip Nova’s move to expand our partnership is a testament to the confidence our 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.”

About Integral

Integral is the currency technology partner to hundreds of financial institutions, including banks, brokers, investors and cross-border payment companies, who have embedded Integral’s technology in their workflows and customer-facing services.

Adopted first by the financial markets and now integrated across all industries – our embedded FX services are solving the currency challenges faced by every global organization. Founded in 1993, we support customers from our offices in Palo Alto, New York, London, Tokyo, Singapore and Bengaluru.

About Phillip Nova

Phillip Nova (formerly known as Phillip Futures) was inaugurated in 1983 as a member of PhillipCapital Group and is one of the founding clearing members of Singapore Exchange Derivatives Trading (SGX-DT). It has since grown to become one of the region’s top brokerages for the trading of Stocks, CFDs, Forex, global Futures and Commodities.