FXall, online foreign exchange trading platform, says Barclays Capital, BNP Paribas and CSFB will use its prime brokerage messaging srvice. Ten banks now support FXall for prime brokerage.
“We are excited that FXall is solving the problem of brokerage messaging by providing an automated, standardized solution for the industry,” says Ken Jones, Foreign Exchange Trader at Money Management Group Inc., Manager of the CRG Funds. “We expect to be an early adopter of FXall’s prime brokerage offering and are looking forward to streamlining give-ups in the same way we have already streamlined trading with our providers. The automation of give-ups will simplify our middle office processes and reduce errors.”
Marek Robertson, COO of Global Foreign Exchange at Barclays Bank PLC, agrees. “As an active user of Settlement Center, we know that FXall has a proven ability to deliver robust solutions based on the best functionality in the market. It is a logical move for us to extend our participation in Settlement Center to prime brokerage,” he says. “We will now work closely with FXall to implement a new messaging standard.”
Mark Warms, Chief Marketing Officer of FXall, argues that “today’s news is further proof of the success of FXall’s independent model which is based on full automation for a range of different products along the entire transaction chain. Going forward, we will continue to enhance our long-term industry solution for the benefit of the widest range of participants.”