Currenex snares Caterpillar

Manufacturing firm Caterpillar Independent has started using the FXTrades platform provided by multi-bank FX portal Currenex to support its FX operations.

The signing of Caterpillar, which last year totalled more than $20 billion in sales of construction and mining equipment, is seen as a coup for Currenex, which stole a march on bank-owned portals FXall and Atriax by launching last year. Analysts said that having Caterpillar on board would attract both banks and corporates to the platform.

"Currenex is delighted that global industry leaders like Caterpillar continue to join our online currency exchange," said Bob Garzilli, executive vice-president

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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