Brokerage firm Phillip Nova is expanding its collaboration with tech provider Integral to boost its non-deliverable forward (NDF) and foreign exchange (FX) swap trading operations. The move comes as interest in NDFs continues to climb, particularly in the Asia-Pacific region.
NDFs are forward contracts that allow traders to engage with currencies that are otherwise difficult to access due to liquidity restrictions. According to industry data, cleared NDF trading volumes surpassed $65 billion daily as of late 2024, with open interest breaking the $2 trillion mark for the first time.
Phillip Nova will use Integral’s platform to support these growing volumes, leveraging a fixed-fee pricing model to help manage operational costs more predictably—especially useful in volatile markets. The two firms have worked together since 2021, when Phillip Nova first adopted Integral’s platform to support FX spot and CFD trading.
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.”
Phillip Nova offers a wide range of trading services across FX, futures, commodities, CFDs, and equities, catering to both retail and institutional clients across the Asia-Pacific.
Integral’s fixed subscription pricing model offers cost advantages by preventing rising expenses as trade volumes increase. This approach allows Phillip Nova to scale efficiently while concentrating resources on customer growth and service enhancements.