FXall, the online portal for foreign exchange trading, has integrated its dealing engine with the risk management solution owned by FXpress Corporation, a provider of foreign exchange risk management tools.
The venture aimsd to allow FXpress users to trade on live, two-way prices from FXall member banks, and send deals straight through for execution and settlement. A straight through processing link is based on a protocol being jointly developed by FXpress and FXall. The two companies say clients, such as ChevronTexaco, are already enjoying the benefits of STP between FXall and FXpress via a transaction record exchange mechanism. “Completed trade information flows directly from FXall, automatically populating the contract details into FXpress,” they say. “It removes the need to re-key, streamlines workflow and significantly reduces errors.”
Robert S. Hemstreet, Director Global Treasury Operations of Textron Inc. adds: “By using the interface between FXall and FXpress, we will benefit from a much more efficient currency trading process.”
Phil Weisberg, Chief Executive Officer of FXall says: “We’re pleased to be adding even greater STP functionality between FXall and FXpress. Our mutual customers will benefit from this additional functionality: the ability to initiate trades directly from the FXpress screen.”
Over 200 companies and asset managers are signed for trading with FXall – the majority of which are trading live on the portal. “Integrating FXall with the FXpress system represents an opportunity for FXpress’ customers to fully realize the benefits of straight through processing in their currency trading,” says Bob Richardson, Managing Director at FXpress Corporation. “It has made the entire hedging process much more efficient in terms of time saved and data accuracy.”