Since announcing the new Business Intelligence FX Performance Insights tool at Sibos 2016, SWIFT has extended the offering beyond G16 broker-dealers to now provide this service to the wider financial community.
FX Performance Insights allows financial institutions to continuously measure their FX business performance, enabling more informed strategic decision-making. FX market data in these reports is based on metrics derived from actual transactions over SWIFT instead of proprietary survey-based information.
Designed primarily to support major market players, the FX Performance Insights service is now available to any FX Market participant. With over 8,000 financial institutions, such as global and regional banks, central banks, sovereign wealth funds, and more than 2,000 investment managers and corporates handling confirmation messages, there is a growing market need for fact-based FX market data. Each day more than 800,000 (MT 300) messages are sent across SWIFT to confirm FX Spot and Forward trades. SWIFT is also the de facto platform used for FX Option confirmations with over 1,000 institutions sending MT 305 messages.
Market data within FX Performance Insights reports is derived from SWIFT messaging that supports the legal confirmation process for global FX markets. The FX transactions confirmed over SWIFT cover more than 133 currencies across 219 countries and territories, representing a broad and comprehensive view of FX market activity worldwide.
“The golden copy of FX global market data is very difficult to acquire,” says Fabian Vandenreydt, Global Head of Securities Markets, Innotribe & The SWIFT Institute at SWIFT. “Most information is based on surveys and local data from an institution’s proprietary trading sources. SWIFT has access to a unique set of FX data points based on message traffic flows. When this raw data is aggregated and packaged together with our analysis and insights, it becomes an invaluable tool for FX players, globally.”
In September 2016 HSBC became the first customer to use the service, and since then customer demand for this type of information provided by SWIFT has grown exponentially.