Fidelity forex unit adopts FNX’s Sierra

Fidelity forex, a unit of Fidelity Capital Markets that provides foreign exchange (FX) pricing to institutional investors, has implemented the Sierra Treasury System developed by FNX, a provider of straight-through processing solutions to the global capital markets.

Fidelity is using Sierra to strengthen its front, middle and back office operations for cash FX, as well as general ledger and credit limits activities.

James Savely, vice-president of foreign exchange at Fidelity, said the move should increase processing efficiency at the firm, while helping it to manage market risk. “By helping to ensure the consistency of our FX front office, back office and accounting data, we are able to reduce our operational risk while streamlining our daily activities – something that is critical to success in today’s highly competitive capital markets trading environment,” said Savely.

Joseph Guagliardo, director of system integration at FNX, said Fidelity was Sierra Treasury's fourth live customer this year.

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