Travelex, the world's leading foreign exchange specialist, announced today the opening of its San Francisco trading floor to better serve the Bay Area and West Coast as the need for foreign exchange services grows in the region. The new trading floor will cater to regional companies, advising them on FX risk mitigation and international payments.
The launch, in addition to deepening Travelex's presence in the North American market as part of the company's effort to build its Commercial Foreign Exchange (CFX) business in the region, points to the growing use of foreign exchange hedging strategies by U.S.-based organizations - strategies that are becoming increasingly important as companies look to safeguard profit margins and cash flows against foreign currency fluctuations.
"As the U.S. economy becomes increasingly global, companies are realizing the importance of managing their foreign exchange needs, ranging from relatively simple tasks such as streamlining the processing of global payments to complex ones like building sound hedging strategies," said Rob Wittmann, Senior Vice President, Commercial Foreign Exchange, Travelex Americas. "This expansion into the San Francisco market will allow us to better serve our clients in this exciting and entrepreneurial part of the country, and to cultivate new client relationships as part of our ongoing efforts to build our CFX business in North America."
Travelex has numerous long-standing client relationships in the Bay area. They provide international payments and customize FX risk solutions for a diverse customer base that includes law firms, universities, travel providers, importers/ exporters, retail chains - as well as a complete FX outsourcing solution for financial institutions.
To celebrate the launch of the trading floor, Travelex will hold a reception tonight in San Francisco, hosted by Rob Wittmann and other members of the Travelex executive team. Tennis great and Travelex Brand Ambassador John McEnroe will also be present at the event. Later this week, McEnroe returns to ATP doubles competition for the first time in 12 years at the 2006 SAP Open in San Jose, an event at which Travelex is a sponsor.
In addition to San Francisco, Travelex currently operates North American trading floors in New York and Toronto, with plans to open additional trading floors in other cities later this year.