NextSet adds FX module to trading platform

NextSet adds FX module to trading platform

California-based NextSet Software has launched a foreign exchange module for its online trading platform, NextSet Private Trading eXchange (PTX).

NextSet PTX allows firms to offer bilateral, Web-based trading to institutional and corporate clients and supports multiple asset classes, including cash, money markets, repo, fixed income and foreign exchange, on the same platform.

The Java-based system also supports channel interfaces, via APIs, to FX trading exchange systems, allowing banks to reach clients in the public and private markets. In addition, the platform supports STP to back and mid-office systems and provides white labelling of FX products to correspondents and other financial institutions.

Simon Yencken, NextSet CEO, says due to the discontinuation of Reuters' automated dealing system, many banks will be forced to re-integrate a new FX trading solution.

"The advantages are lower maintenance and integration efforts, consolidated views of client's activities & positions, common administration features across all products, and a single Web-based trading interface for clients," says Yencken.

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