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FXall for...
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| Date: July 2006 |
Volume: 14 |
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FXall recorded its busiest-ever quarter in Q2 2006, with total volumes of more than $2.5 trillion. This figure represents a 50% increase on the same period last year. The record volumes were driven by increased trading activity across all regions and client segments, with particularly strong growth from hedge funds and asset managers.
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Online FX is now worth $17 trillion a year, according to the latest eFX report from Greenwich Associates. The annual report, which surveyed 1,549 top-tier buy-side users around the world, saw demand for e-trading remain strong among all market segments, particularly financial institutions.
Multibank portals are the most popular online execution method, according to the latest report from Greenwich Associates. The annual report, which surveyed 1,549 top-tier buy-side users around the world, found that almost two-thirds of online traders used multibank portals. Meanwhile, the proportion of online traders using single bank portals has fallen to 39%, from 51% last year. Respondents cited tighter spreads, ability to prove best execution and depth of liquidity as the most important reasons for choosing to trade over a third-party platform, rather than directly with a bank.
Click here for the Greenwich website.
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News |
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Events
20-22 September 2006
EuroFinance Conference on International Cash & Treasury Management
Firenze Fiera, Florence, Italy
Organized by EuroFinance. FXall will be exhibiting at this event.
Please visit us at booth L45 for a demo.
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FXall has come first in Euromoney's influential FX Poll for the fifth year running. The Euromoney poll is an annual survey that measures the performance of leading foreign exchange banks and service providers. FXall was voted top multibank portal with more than 33.87% of market share, significantly ahead of the 18.1% achieved by the second-placed provider.
This year's poll was the largest ever, attracting 6,322 responses from corporate treasurers, fund managers and senior banking executives. Total trading volumes recorded by respondents doubled from $43 trillion in 2005 to $85 trillion this year.
Click here for the full press release.
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FXall has appointed Andrew Banhidi as Chief Technology Officer. Based in New York, he will join FXall's senior management team, with responsibility for overall technology strategy, system architecture and development, engineering, production services and quality assurance.
Banhidi has more than 15 years experience in electronic trading, most recently as Executive Vice President - Chief Technology Officer of Instinet, a leading equities execution venue. At Instinet, he spearheaded the development and deployment of the firm's successful trading and trade processing systems.
Click here for the full press release.
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Research by TABB Group has found that more than half of hedge funds managing more than $1 billion have more than four prime brokers, while over a quarter use seven or more. Smaller funds typically have between one and three prime brokers, the study reported.
Managing communications with multiple prime brokers can be complex and time-consuming. FXall's Settlement Center offers hedge funds a robust, cost-effective solution for exchanging automated messages with banks and prime brokers in real time. The service automatically notifies prime brokers of give-ups on all FX transactions, as well as automating trade confirmation and the processing of standard settlement instruction data.
For further information about Settlement Center, click here.
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FöreningsSparbanken (Swedbank) has joined FXall as a liquidity provider. Swedbank is a leading Nordic-Baltic banking group with 8.8 million retail customers and 441,000 corporate customers in Sweden, Estonia, Lithuania and Latvia.
In Sweden the group has more than 470 branches. In the Baltic countries the group has another 280 branches. The Group is also present in Copenhagen, Helsinki, Kaliningrad, Luxembourg, Moscow, New York, Oslo, Shanghai, St.Petersburg and Tokyo. As of December 2005, the group had total assets of SEK 1,200 billion and approximately 16,000 employees.
For more information about FöreningsSparbanken, please visit www.swedbank.com.
To add Swedbank to your list of liquidty providers, please emaili support@fxall.com.
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FXall has published a guide to achieving
best practice in foreign exchange trading. The handbook,
which was distributed with the May 05 edition of Euromoney,
addresses best execution, Sarbanes Oxley, IAS39, prime brokerage
standards and industry best practices.
If you would like to receive a copy, please
email info@fxall.com.
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Does your team know how to get the most
out of FXall?
- Achieving best execution
- Performance reporting
Contact your usual FXall representative
to set up a training session. Alternatively email customers@fxall.com
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Non-deliverable forward contracts (NDFs) provide market participants with an efficient mechanism to take positions in or hedge exposure to NDF currencies.
Over the last year, trading in NDF currencies on FXall has doubled. In response to this growing demand, FXall has introduced additional functionality to support NDF trading requirements.
Customer and providers can now agree the NDF Fixing Date at trade time, book the details automatically, and confirm them immediately using Settlement Center. FXall supports a wide range of NDF currencies, including: ARS, BRL, CLP, CNY, COP, INR, IDR, KRW, MYR, PEN, PHP and TWD.
Please contact your relationship manager for more information about NDF functionality on FXall. Alternatively, email customers@fxall.com.
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FXall is revolutionizing Money Markets trading with a comprehensive, intuitive solution that can be adapted to reflect the way clients deal.
Using FXall, clients can:
- Split deposits across multiple providers, based on relationship or credit criteria
- Enter into bilateral dialogues with providers to fine-tune rates and amounts
- Automatically roll over deposits without opening a new trade ticket
- Automate confirmation matching through Settlement Center.
Martin Spurr, Head of Integrated Treasury Solutions at RBS said: "RBS was the first to trade Foreign Exchange on FXall at its inception. We were also the first to do a QuickFill trade, to use Settlement Center and now we are delighted to be the first to trade Money Markets via the platform. The addition of the Money Markets service to the FXall platform will provide a significant opportunity for us to consolidate and grow the valuable client relationships that we support across the whole suite of FXall's growing service base".
FXall's money markets functionality is fully integrated to its market-leading FX trading system, enabling users to trade FX and money markets from a single point of access.
"FXall has designed a robust and comprehensive money markets trading solution that offers clients real flexibility in the way they deal. We are excited to be on board, and look forward to serving new and existing clients over the service." Said Stephen Ellis, Head of Institutional Relationships FMD Trading, LloydsTSB
Please contact your relationship manager for more information about Money Markets functionality on FXall. Alternatively, email customers@fxall.com.
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Settlement Center is introducing two new reports that make it simple to track unmatched deals and open net positions. Using the unmatched deals report, users can submit report requests for all deals that remain unmatched at the end of the trade day.
Meanwhile, the open net position report enables clients to submit requests for a value date to summarize open net positions for all currencies by bank and account, across banks, or across accounts. Users can select either all netted or all matched deals, which delivers the most comprehensive open net position.
The summary analysis report has also been extended with new columns that show MT300 and MT304 status, making it easier for clients to manage SWIFT messaging. Please contact your relationship manager for more information.
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Multinational corporations and can now use QuickOMS to handle trading between the central treasury and regional offices or subsidiaries.
The system enables clients to realize significant cost and efficiency gains. It also facilitates compliance with internal best practice guidelines through its comprehensive entitlement model and audit trails for every trade. Highlights include the ability to:
- Electronically share trade requirements between locations
- Determine which people in which locations can trade in the market
- Net requirements internally before trading to reduce execution costs
- Automatically add mark-up between central treasury and subsidiaries
- Automatically book trades after execution for real-time STP
To learn more about QuickOMS, click here.
Alternatively, contact your usual relationship manager, or email customers@fxall.com.
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