FCStone Forex interfaces with FNX's SierraASP
29 July 2005 | 1682 views | 0
FNX Solutions (FNX), a leading provider of next generation technology solutions for treasury and capital markets, announced today that FCStone has chosen them to support its global OTC trading and back office operations for its new Foreign Exchange division.
FCStone, known primarily as a commodities risk management services firm, has created the new Forex division to offer Foreign Exchange trading and processing facilities to their clients.
FNX, through its SierraASP software, will provide real-time straight through processing, real-time margin utilization and position management for FCStone Forex and its clients. Utilizing FNX's proprietary leading middleware platform, SierraLinkT, FCStone Forex will achieve a seamless, automated and integrated processing environment. Electronically executed transactions together with phone orders, will be consolidated in real-time on the Sierra ASP platform. FCStone Forex will further enhance the service by delivering electronic statements to its clients detailing all transaction details, margin utilization and P&L.
"We were looking to offer our customers a more comprehensive, convenient and competitive service with FCStone Forex. We believe the interface capabilities of FNX's SierraASP, will allow us to process trades faster and to make more informed decisions for our clients," said Edgar Ramon, Global Head of Foreign Exchange at FCStone Forex.
Ray Krastins, Director of North American Sales for FNX added, "We are delighted to be chosen to provide this solution to FCStone Forex. The ASP model is proving to be a particularly attractive delivery model for FCMs looking to gain a trading advantage in a highly competitive market. It enables our clients to use a leading edge system for a simple monthly fee that can be accessed from anywhere, that seamlessly expands and offers disaster recovery services."