Currenex extends post-trade FX settlement and allocation

The new facilities allow users to automate the approval of standard instructions so both counterparties have immediate access to settlement instructions and allocation details at execution. Any number of settlement instructions can be stored, and new instructions can be uploaded or added via the FXtrades user interface. The instructions also incorporate the fields necessary for Swift messaging, thereby aiding third-party notification.

As a result of these additions, Currenex’s buy-side members have been able to improve the efficiency of the confirmation process, said the firm, as they have agreed to recognise the Currenex Trade Record as a confirmed trade. "The Currenex Trade Record includes financial details, allocation details and the settlement instructions for the trade," said Mirek. "Before, each of these elements might have been confirmed separately, by e-mail or fax for example."

Susan Marks, director of international treasury at Sony USA, said: "Because of the complete straight-through processing (STP), we are able to save time by sharing with our counterparties the same record for all transactions."

Currenex has also expanded its allocation features so allocations and trade definition can now be combined into a single step. This aids STP efficiency, while improving reporting and audit capabilities, said the firm. For example, funds can now specify default percentages or amounts for allocations per fund or sub-entity, and can apply those defaults to any trade. This can be done prior to trade by an upload, via the FXtrades user interface, or post-trade through the FXtrades user interface.

Rival multi-bank portal FXall said in August it plans to launch its Settlement Center service in Q4, which will also automate the process of confirming, matching and netting deals offline.

  • LinkedIn  
  • Save this article
  • Print this page  

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: