Forex broker technology and MT4/MT5 integration specialist PrimeXM has announced that in response to popular demand from its clients, the company has released a new XCore feature – Synthetic Pricing. This new feature has been released in the latest XCore Portal version 2.47.
PrimeXM said that the new Synthetic Pricing feature provides brokers the flexibility to offer unique trading products to their clients, at the same time increasing a broker’s product range. Through the Synthetic Symbol Editor Wizard, brokers running XCore can easily create distinctive symbols by converting or combining existing symbols.
For example, a new gold symbol priced per kilogram can be created by applying a multiplier to the most traded symbol XAUUSD which is traditionally priced per troy ounce. Or, by combining any two existing symbols to create a third symbol – for example, XTIBTC is created by combining XTIUSD and BTCUSD.
In addition, composite indexes can be produced by grouping up to four different symbols to track the performance of a certain market or sector. Brokers now can offer thematic indices such as a crypto index tracking major or minor crypto currencies; a High Tech index tracking next-gen tech company stocks; or a medical cannabis index tracking performance of top medical marijuana shares.
A dedicated pricing-only Connector and Provider are required to be set up on XCore prior to adding the Synthetic symbols. The company added that it is important to note that currently the trading flow on these customized synthetic symbols can be internalized within XCore. Additional functions of hedging these trades with the liquidity providers will be added soon.