FXall, the online foreign exchange trading platform, says that the Mizuho Trust & Custody Services has joined it as a liquidity provider. This means that there are now a total number of 47 banks providing liquidity to FXall.
”The foreign exchange market is undergoing a big shift in favour of automated solutions,” explains Hitoshi Hashizume, General Manager, Treasury Department at TCSB. “By joining FXall, we look forward to making the most efficient use of the latest technology, rapidly extending the benefits of online FX, offering high quality and high value-added services to our asset management customers.“
TCSB is one of Japan’s largest custody and trust banks, with more than 100 trillion of assets under custody. Its decision to become a liquidity provider reflects Japanese banks’ growing interest in online FX, and further strengthens FXall’s presence in the region.
”We are delighted that Trust & Custody Services Bank has decided to become a liquidity provider at FXall,” says Manabu Higashiyama, Trader at Dai-ichi Kangyo Asset Management. “As an asset manager, we are looking for a solution that addresses complex issues of workflow, and that is why we are transacting through FXall. Theirs is a flexible and fully automated system that enables true STP across the entire transaction lifecycle whilst minimizing operational risk, and slashing costs.“
FXall’s Japanese business grew significantly in 2003, with volumes up 275 per cent from 2002. More than 20 Japanese asset managers are now FXall customers and FXall’s partnership with TCSB is expected to make a great impact on online FX trading for Japanese asset managers.
Phil Weisberg, CEO of FXall, says that “as the benefits of automation become apparent, FXall has gathered a huge momentum in Japan. Today’s news will add further impetus to our growth among asset managers and corporates alike.“