The new FX service from SWIFT allows its customers to continuously measure their FX business performance and make more informed strategic decisions, based on metrics derived from actual transactions rather than survey-based information.

FX Business Insights is derived from SWIFT messaging that supports the legal confirmation process for the global FX markets. The FX transactions confirmed over SWIFT cover more than 133 currencies across 219 countries and territories, and represent the broadest and most complete view of FX market activity.

Designed primarily with major market makers in mind, the product offering establishes new industry benchmarks. In developing the offering, SWIFT has consulted with trading and business management at a number of Tier 1 Investment Banks and is delighted that HSBC has become the first customer of the service.

Frederic Boillereau, Head of Global Foreign Exchange & Commodities and Head of Global Markets Corporate Services at HSBC said, “SWIFT has a unique data set and the aggregated data and insights they produce are valuable additional information for HSBC, and are helping us in our goal to constantly improve our client proposition”.

Keith Tippell, Managing Director, Head of Securities and FX Markets at SWIFT said ,“While SWIFT’s FX confirmation messaging service continues to grow, with now more than 8,300 users, it’s important for SWIFT to innovate and to focus on value-added services such as this new information product. We are delighted that HSBC have adopted this offering and we look forward to engaging with a wide range of market participants regarding this and other information products”.

FX Business Insights is based on aggregated anonymised data and is subject to SWIFT’s strict guidelines on what information can be shared, in order not to compromise the confidentiality of SWIFT data and prevent indirect identification of peers.