Foreign exchange platform FXall has added benchmark fixings to its order management application QuickOMS, and is to enable their clients to submit orders for execution at multiple industry standard fixing series from Citi, HSBC and RBS. Each bank has made its full benchmark fixing service available through FXall. Clients will be able to submit request-for-stream and benchmark orders through a single, integrated service.
Benchmark fixings are independent, auditable FX rates designed to provide an accurate reflection of the FX market at the time the rate is fixed. By submitting an order for execution at a particular fixing, asset managers and corporate treasurers should achieve a competitive rate for the time of execution.
“As a leading provider on FXall, we are pleased to offer our clients the ability to access our market leading CitiFX Benchmark product via QuickOMS,” says Anu Jayanti, the Managing Director and Global Head of FX Sales at Citi. “We look forward to working with FXall on this exciting initiative.”
“We are delighted to be making our new fixing series available over the FXall platform to our clients as we recognise there is growing demand for this type of service,” adds Alan Clarke, the Global Head of e-FX at HSBC. “With independence of the pricing crucial to our clients the data published in the HSBC fix is provided by WM/Reuters. This gives us and our clients a well established and respected independent source of foreign exchange rates, used widely by the fund industry for portfolio valuations and performance measurement.”