FXall, the world's leading online foreign exchange platform, today announced that volumes on Settlement Center, its revolutionary suite of automated post-trade services, doubled in 2005.
The annual number of events – including matches, confirmations, nets and third party notifications – broke through 2.1 million as clients across all sectors turned to Settlement Center to handle the complexities of post-trade workflow.
In particular, FXall has witnessed a fourfold increase in custodial notification
messages, which are used by asset managers to notify their custodians of trades with other banks. This exponential growth demonstrates that an increasing number of Settlement Center's asset manager clients have the confidence to trade FX with multiple banks and custodians in the knowledge that Settlement Center can handle the intricacies of the MT304, MT210 and MT202 message types.
Taeko Boyle, Head of Settlement at Daiwa SB Investments, said: "In the quest for best execution, many of our clients want the flexibility to trade FX with banks other than their custodian. Until now, notifying the custodians of these trades has been complex and time-consuming – particularly since every custodian receives notification messages in a different way. Now Settlement Center has automated the entire notification process, making it as easy to execute trades with third parties as with our clients' custodians."
Neill Penney, FXall's Global Head of Product Strategy, said: "We are extremely pleased with the continuing success of Settlement Center. In today's regulatory environment, it is impossible to ignore the benefits of automating back office processes. By automating manual middle and back office tasks into a single process, Settlement Center tightens internal controls and makes it easier to comply with best practice and best execution requirements."