Forex broker Global Prime Partners has announced in a press release that it has awarded Deutsche Bank a contract to provide clearing, custody and execution services for its clients. Most of GPP’s customers are family offices, emerging managers, boutique broker dealers and professional traders.
This follows its recent appointment of BNY Mellon last November to provide it with the custody and clearing services.
“We are excited to be partnering with another top-rated institution and are already enjoying the operational benefits that Deutsche Bank is providing. We continuously see smaller managers and broker dealers having difficulties gaining access to large, reputable institutions, but through Deutsche Bank, we will be able to provide our clients with this opportunity,” said GPP’s CEO Julian Parker.
“We are delighted to be able to bring our market-leading clearing and custody services to GPP. They have an excellent reputation and we believe Deutsche Bank is the ideal partner for such a dynamic organization. We look forward to broadening our relationship with them,” added Deborah Thompson, who is the Managing Director and Global Head of Direct Securities Services Sales in Deutsche Bank’s Global Transaction Banking.
Separately, FxPro unveiled its own branded prepaid card called FxPro Infinite Card, which is issued by MasterCard. Cardholders will be able to seamlessly connect it with their FxPro trading account. They will also be able to use it to purchase goods and make other transactions just as with other normal credit and debit cards.
FxPro says that cardholders can easily move, when necessary, the funds between their MasterCard and FxPro Vault.
Recently, most retail forex brokers have embraced a trend that has seen them give their clients direct access to their funds.
To contact the reporter of this story; Yashu Gola at Yashu@forexminute.com