FXall, the online portal for global foreign exchange trading, today announced that it is further enhancing its platform through the introduction of FXall Settlement Center.
For the first time, foreign exchange customers stand to benefit from a solution that automates the full deal lifecycle – from trading to confirmation and settlement of all transactions.
FXall Settlement Center introduces comprehensive functionality for matching, netting and settlement instructions. It allows users to:
Match, confirm and net all deals – whether they have been dealt electronically or over the telephone.Receive real-time downloads of confirmed deals.Generate settlement instructions through the use of SSI data.Agree netted payments and settlement details with their counterparties.Notify counterparties, custodians and other third parties using industry standard SWIFT message formats including MT300 and MT304.Generate audit trails and manage entitlements for all stages of the confirmation process.
“It is a natural extension to add matching and netting to the automated trading platform. We are already doing much of our electronic trading on FXall, and today’s announcement means that we will be able to capture the full deal process online,” said Geri Westphal, Assistant Treasurer of Oracle Corporation.
Phil Weisberg, Chief Executive Officer of FXall, said, “FXall is committed to adding value to foreign exchange trading at every stage of the deal lifecycle. With the introduction of FXall Settlement Center, we are now seamlessly linking automated trading with confirmation and settlement.”
FXall Settlement Center is a standalone element of the FXall system for both customers and liquidity providers.
Customers using FXall Settlement Center in conjunction with FXall’s state of the art trading system will benefit from a seamless workflow through trading, matching and confirmation of deals. FXall’s unique level of integration with customers and liquidity providers means that the confirmation process can be completed in near real-time.
“FXall allows us to maximize the efficiency of our trading and minimize the risk of post-trade errors. Crucially, FXall has the necessary resources to automate the entire transaction cycle,” said Ian Williams, Head of Fixed Income and Foreign Exchange Trading at Barclays Global Investors.
FXall Settlement Center is open to all market participants.