Foreign Exchange Trading Platform FXall Claims Success For Money Markets Trading Service

Foreign exchange trading platform FXall says its money markets trading service, aimed at banks, fund managers and corporates, is a success
By None

Foreign exchange trading platform FXall says its money markets trading service, aimed at banks, fund managers and corporates, is a success.

The platform went live in June 2006, supported by a number of banks including ABN Amro,Barclays, ING, KBC, Lloyds, and RBS. More than 65 institutions are now participating in the service.

Users can split deposits across multiple providers, based on relationship or credit criteria; enter into bilateral dialogues with providers to fine-tune rates and amounts automatically roll over deposits without opening a new trade ticket; and automate confirmation matching through FXall’s post-trade platform,Settlement Center.

The platform currently supports cash loans and deposits, with support for additional money market instruments planned for future releases.

“This is an exciting new product which complements those already provided by FXall,” says Mark Dearlove, Managing Director, Head of Money Market, Barclays. “We have been involved since the start of this project and hope it will prove to be of benefit to the whole market.”

Wiel de Schrijver, Corporate Treasurer of Oc, says FXall’s service has had a profound impact on the company’s treasury operations. “Direct integration with our Treasury Management System has considerably improved workflow and reduced error rates,” he explains. “We are now able to access and deal on highly competitive rates in a fraction of the time that it would have taken previously. In addition, the system generates a full audit trail for every trade, making it easy to track trading activity and facilitating compliance with regulatory and best practice requirements. We are delighted that FXall has now extended these benefits to money markets.”

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