Currenex and SimCorp team for STP

Currenex and SimCorp team for STP

Treasury management system supplier SimCorp is to provide straight-through processing to the Currenex multi-bank FX price discovery and trade execution platform.

Under the agreement, the Currenex FXtrades solution will be integrated with SimCorp's IT/2 investment and treasury management system.

"Integrating our trading and processing platforms is critical in the delivery of effective solutions to our clients," says Lori Mirek, president and chief executive officer at Currenex. "Straight through processing gives treasurers and investment fund managers improved efficiency in their currency trading while insuring accuracy and audit-ability."

Kjell Nordgard, managing director of SimCorp says the decision to add the FXtrades platform followed customer requests. "The whole market is moving in this direction," he says.

FXtrades is a multi-bank price discovery and trade execution service for large corporate treasuries. It is facing competition from prospective bank-backed systems such as FXall and Atriax, and other third party portals such as CFOWeb.

In a separate initiative, Currenex says it will soon roll out an order management capability to support 'limit order', 'at best', 'no worse than', and 'stop loss' orders. The company says the new functionality will provide FXtrades client members with the flexibility to choose from a wider range of price request types to ensure the most efficient online FX trading. In addition, existing price request methods are being enhanced to give clients the flexibility of rolling spots forward to a variety of dates with their bank counterparties.

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