The Bank of New York has introduced automated execution and allocation notification message processing for clients using its FX order management and trade execution system.
IFX Manager clients will be able to generate two different types of post-trade messages in electronic format which contain details of trade execution needed by custodians, fund accountants, and plan sponsors, as well as counterparties other than The Bank of New York.
Execution notification messaging allows clients to conduct more FX trading on a block basis with selected counterparties, gaining efficiencies in netting, and notifying custodians and others responsible for settlement and trade accounting of third-party FX payments.
In support of block trade execution, allocation notification messaging enables iFX Manager clients to generate electronic messages to notify other counterparties of the details for booking executed trades across multiple accounts.
The messaging services use both the Swift network and the system's autofax and e-mail capabilities to notify message recipients on behalf of clients.
Richard Estes, vice president, The Bank of New York, and head of global markets e-commerce, says the new messaging services will help clients achieve a higher degree of straight-through processing. "Clients are able to use iFX Manager as their sole vehicle for managing all their trade execution, regardless of counterparty or price discovery method, to automate all facets of FX trade execution workflow," he says.