Currenex, the online currency exchange, today announced the launch of a loan and deposit trading capability, combining both money market and foreign exchange asset classes on the same service
Currenex says this makes its platform the first to expand into money markets, providing corporations and fund managers with an alternative to traditional offerings. “We’ve already completed numerous transactions on the Currenex service and have found that it saves time and improves auditability,” says Rudi Merckx, Treasurer of Buhrmann Europcenter, the Belgian Coordination Center of Buhrmann. “We have a more extensive range of prices for both foreign exchange and loans and deposits to conduct our financial operations and risk management. We have seen a 30 per cent improvement in efficiency in the first week. Loans and Deposits adds to the already comprehensive platform that Currenex provides allowing us to consolidate more of our trading activities.”
By using the Currenex service, customers can send price requests or orders for Loans and Deposits to banks that they have credit relationships with and receive back live rates within seconds. Rates are ranked with the most competitive at the top of the list and a difference in interest amounts displayed for each of the other rates for easy analysis. Customers may select their preferred quote and execute the trade with one click.
The Loans and Deposits service also enables customers to efficiently manage the status of their daily transactions. Features such as the Trades Monitor enables customers to double click on a trade and instantly review all of its details, while the Audit Report tracks savings realised on trades. This new capability delivers customers the speed and efficiency improvements for operations that are currently labour intensive. As with the trading of FX, customers and banks can then download all trades into other systems on an automated basis or on demand.
“Loans and Deposits is another step by Currenex towards its long-term goal of facilitating fast, easy and efficient trading and trade related activities for multiple asset classes on one service,” said Lori Mirek, President and CEO at Currenex. “We consistently work to meet the requests of our members and are pleased to provide them value-added services that fulfil those needs.”