Currenex today announced that JPMorgan and Deutsche Bank have joined Currenex’s web-based service, FXtrades, with JPMorgan already executing trades. Members on the Currenex service will now be able to access the liquidity that the world’s largest banks offer, reach the broadest selection of counterparties, and benefit from the most technologically innovative market offering for delivering increased operational efficiencies and audit capabilities.
David Puth, Managing Director, Global Head of FX of JPMorgan commented, “We are excited to be joining Currenex, one of the eFX market and technology leaders. Benefiting our customers, this move provides them with the depth and breadth of liquidity that they require and enables them to trade on the platform of their choice. We have been working very closely with Currenex and are proud to announce that we are already trading on their service. By teaming with Currenex, we will continue to drive the evolution of foreign exchange and to accelerate the adoption of eFX to create a more efficient market that benefits our customers.”
James Turley, Global Head of FX of Deutsche Bank said, “Deutsche Bank is one of the world’s largest FX providers. We reached the top of the market by responding to our customer’s needs and by leveraging technology. Thus, we are enthusiastic about joining Currenex, because we have seen real demand from our customers to provide liquidity on the Currenex platform.”
Melissa McDonald, Global Business Support Manager of AXA Investment Managers said, “As one of Currenex’s earliest customers, we are delighted with the addition to Currenex of such significant banks as Deutsche Bank and JPMorgan, and have already conducted trades with JPMorgan. The enhanced liquidity, comprehensive functionality and ability to trade with key custodial relationships re-affirms our view of Currenex as a market leading platform in eFX. Currenex re-asserts its position as a serious player in the market and is very well placed to deliver innovation and customer responsiveness for the entire marketplace.”
“This announcement is great news for the funds and corporate community. With the addition of JPMorgan and Deutsche Bank, Currenex provides some of the deepest liquidity in the online marketplace. This effectively moves the market to the next level in the eFX evolution, where the success of an online FX multibank service is no longer about liquidity, rather about functionality, services and member support–all areas where Currenex has always been the market leader relative to our business model. Their level of responsiveness to corporate and bank needs suggests that they will only continue to extend their lead,” commented Dave Short, Global FX Manager, at Compaq.
Upon trading with JPMorgan on Currenex, Christian Held, Treasurer of Bayer AG, said: “The addition of these two major liquidity providers is very welcome. Having achieved real straight through processing with the platform, Currenex has become the industry’s best practice for FX transactions, audit, and reporting.”
Commenting on this major event, Lori Mirek, CEO and President of Currenex summarized, “This announcement represents the leaders of global FX – Deutsche Bank and JPMorgan – and the leader in eFX, Currenex, coming together to shape the future of FX. The addition of Deutsche Bank and JPMorgan is great news for all of our existing and prospective members and is an exciting part of our growth story. Currenex continues to deliver upon our clear vision for the evolution of eFX, and with these two prestigious banks onboard, the company will accelerate its market momentum and continue to deliver market-leading innovations and efficiencies that benefit all banks, corporations, and funds.”
Meanwhile, Travelex also announced today that it will participate in Currenex’s market-leading online foreign exchange service, FXtrades, and participate as the first non-bank FX dealer on the platform. FXtrades is a real-time foreign exchange platform by Currenex that provides a total FX trading solution, from initiation and execution to settlement and reporting for any currency pair.
Travelex’s involvement in Currenex’s multi-bank portal enables users to request competitive prices from one of the world’s largest providers of foreign exchange liquidity. The arrangement also complements the foreign exchange payment service that Travelex has successfully delivered for years.
“This relationship sets an industry-wide precedent,” says Steve Kuhl, Travelex’s Vice President of Trading. “The combination of Travelex and Currenex creates a unique, integrated arrangement between two leading foreign exchange participants with expertise that encompasses competitive FX trade placement, settlement facilitation and global funds transfer.”
“We see our participation with Currenex as a value add to our customer base,” says John Farmelo Vice President of Travelex Global Payments. “A significant portion of our largest customers are making trades with us outside of the payments realm, and Currenex gives us the opportunity to provide this FX service in an efficient, exciting manner that recognises the reality of today’s trading environment.”
Commenting on this latest development, Lori Mirek, President and CEO of Currenex stated, “We are delighted to be adding Travelex to the growing number of sell-side participants on our service. Travelex enriches the diversity of foreign exchange counterparties on Currenex, providing our members with more choices and furthering our mission to create the foreign exchange platform that is the most open and responsive to the needs of all foreign exchange market participants.”
Yogesh Shetty, Group Director of Travelex Global Payments stated, “We look forward to expanding our relationship with Currenex from providing integrated payment solutions to achieving Straight Through Processing with our global customer base.”