The project, named Convergence, includes the migration of CLSSettlement onto its Unified Services Platform (USP).
The Code will place greater importance on the use of PvP settlement mechanisms and promote the use of automated settlement netting systems.
The service uses BestX technology to provide RBC I&TS clients with FX TCA reporting to assess the execution quality of their currency overlay services transactions.
The tool from HSBC will allow asset managers to assess the effectiveness of hedging strategies and will be integrated with the bank’s single dealer platform later this year.
The new client wins signify a growing acceptance among asset managers to use custodians for a range of front-office services.
Recent studies have shown buy-side firms, particularly hedge funds, are expanding their outsourcing options to include middle-office and certain trading functions
Capitolis intends to use the funds from this latest investment to further accelerate its technology and product development.
The two banks with leverage previously established bots for a new digital solution aimed at improving custody FX processes for emerging market currency trades.
The new solution designed in partnership with Lumint will enable greater oversight of thoughts of daily data points in the currency management lifecycle.
The new combined platform will give asset managers further transparency into their transaction lifecycles with a consolidated view of FX settlement data across accounts.