Standard Chartered has adopted FXall connect from Cognotec, the Dublin-based foreign exchange and money market e-commerce solutions provider. FXall connect’s application programme interface (API) will enable Standard Chartered’s customers access to a multi-user base of 50 liquidity providers.Standard Chartered has already adopted rival platform Atriax, and is a member of the Cognotec Liquidity Linq network. With FXall connect, the bank is aiming to offer its products through as many distribution channels as possible, said Macer Gifford, head of e-commerce, global markets, at Standard Chartered.
“We believe that the multi-user forex trading platforms are new and innovative channels which reach out to our customers and bring greater transparency to the market-place,” said Gifford. “Standard Chartered is one of the world’s leading market makers in emerging market currencies, and these forex portals are ideal platforms to demonstrate our superiority in meeting the needs of our customers in these currencies.”
Standard Chartered's hook-up with Liquidity Linq enables banks in the Cognotec e-commerce network to use Standard Chartered as a liquidity provider to their own clients. This means banks can offer their clients trading in Standard Chartered's wide range of emerging market currencies, without taking on the market risk. Both banks add spreads to the transaction, which is passed on to the client.
More on Exchanges
Chicago-based exchange targets China, India and LatAm growth
Stock exchange group has “excess cash”, says group CEO
Increased volatility will spur demand for risk management tools in Asia
Onshore derivative market is the focus for Osaka Securities Exchange
Sign up for Risk.net email alerts
Sponsored video: MarketAxess
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.