Currenex adds options trading to FXtrades exchange

Currenex adds options trading to FXtrades exchange

Currenex, which provides an online multi-bank foreign currency exchange service for large corporates, is to add an options trading capability to its FXtrades site.

Available in Q3 2000, the first phase of the FXtrades options service will provide pricing for vanilla and simple exotic options including commonly traded multi-legged structures.

"Our new options capability underscores our commitment to providing clients with the most comprehensive foreign exchange service," says Lori Mirek, president and chief executive officer at Currenex. "We believe our independent platform, coupled with a competitive auction environment, delivers real value for our clients across the range of foreign exchange transactions today."

Currenex says it is on track to handle $1 trillion in foreign exchange transactions in 2000. Among the leading corporations currently using the service are MasterCard International, Intel Corporation and Electronic Arts.

The FXtrades service includes a dynamic reporting engine that provides a number of metrics to help manage FX processes. Audit capability includes an audit report showing the details of each transaction, the quotes received from multiple banks, the quote selected, the actual dollars saved, the names of the traders on both sides, and a time and date stamp. By using these reports corporate treasurers and fund managers can satisfy both management and auditors ensuring that corporate FX trading conforms to fiduciary guidelines says Currenex.

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