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FXall and SunGard team on money market and forex services

19 August 2009  |  2196 views  |  0 Source: FXall

FXall, the world's leading electronic foreign exchange platform, and SunGard are offering money market funds to FXall clients and FX services to customers of the SunGard Transaction Network (STN).

These enhancements give customers the ability to access money market investments and FX trades from a single platform.

The connectivity between the two platforms gives FXall clients the ability to trade money market funds directly through their current browser interface using SunGard's STN Money Markets portal, a global, multi-currency trading and connectivity solution for institutional money market investors, such as corporate treasurers and hedge funds. This provides a centralized, automated source to buy and sell shares in institutional money market funds, and gives corporate treasurers the ability to research, analyze, trade and report on more than 240 money market funds.

In addition, SunGard has enhanced its STN Money Markets portal to provide customers with access to FXall's market leading FX trading solution. This helps customers take advantage of a broad range of FX products and trading strategies, and a deep pool of liquidity, while meeting their best execution and workflow management needs.

This development extends the asset classes tradable via FXall's award-winning FX platform, thus offering clients a broad product range and greater flexibility in their money markets trading activity with the support of full straight-through processing (STP) functionality.

Commenting on the agreement, Phil Weisberg, CEO of FXall, said: "The ability to offer access to a significant depth and breadth of money market funds is a key development for both FXall's existing client base and the wider FX market. It provides clients with a best-of-breed single point of execution for a broad range of new assets. Demand for FX trading and workflow solutions continues to grow and the agreement enables FXall to deliver improved execution alternatives, as well as accounting, compliance and reporting functionality to corporate clients at a time when these capabilities are a priority. We look forward to the synergies this relationship will bring for bothr both organizations."

Kevin Rafferty, president of SunGard's wealth management business, added: "With significant growth in demand for FX trading services amongst corporate treasury and money market fund managers, the ability to trade FX is especially important for multinational organizations looking to expand upon their currency trading and get the most out of their excess capital investments. These organizations require greater diversification of their short-term investments from one reliable platform, and unlimited access to an extensive range of both on- and off-shore money market funds."

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