FXall Press Release
FXALL ANNOUNCES SUCCESSFUL LAUNCH OF MONEY MARKETS PLATFORM
New service now has more than 65 participants
13 September 2006 - FXall, the world's leading online foreign exchange platform, today announced the successful launch of its money markets platform. The service, aimed at banks, asset managers and corporations, streamlines money markets trading by delivering straight-through-processing and workflow tools that enable users to split deposits across multiple banks.
The platform went live in June 2006, supported by a number of banks including ABN, Barclays, ING, KBC, Lloyds, and RBS. More than 65 institutions are now participating in the service.
Using FXall, clients can automate every step of the money markets trading process. Unique features include the ability to:
- 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 FXall's post-trade platform, Settlement Center
The platform currently supports cash loans and deposits, with support for additional money market instruments planned for future releases.
Mark Dearlove, Managing Director, Head of Money Market, Barclays, said: "This is an exciting new product which complements those already provided by FXall. We have been involved since the start of this project and hope it will prove to be of benefit to the whole market."
Wiel de Schrijver, Corporate Treasurer of Océ, said: "FXall's service has had a profound impact on our treasury operations. Direct integration with our Treasury Management System has considerably improved workflow and reduced error rates. We are now able to access and deal on highly competitive rates in a fraction of the time that it would have taken previously. In addition, the system generates a full audit trail for every trade, making it easy to track trading activity and facilitating compliance with regulatory and best practice requirements. We are delighted that FXall has now extended these benefits to money markets"
About FXall
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FXall is the leading portal for online foreign exchange trading, offering customers foreign currency trade execution, access to research and straight through processing. By combining streamlined workflow, competitive FX prices and a complete audit trail, FXall delivers improved control and cost savings at every stage of the deal lifecycle.
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FXall provides customers with the ability to meet best practice guidelines prescribed by regulatory bodies - for more information visit: http://www.fxall.com/about/BestPracticeFX.pdf
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FXall is an independent company with offices in New York, London, Boston, Tokyo and Singapore.
FXall's services are not intended for, and are not available to, private customers, and are not intended for distribution into any jurisdiction where such distribution is restricted by law or regulation. FXall's services do not constitute investment advice or an advertisement, offer, or solicitation of an offer, for the purchase or sale of any investment, securities or other property, or a representation that any investment, security or other property is suitable for any person.
FXall may act through FX Alliance, LLC (a Delaware, USA limited liability company), FX Alliance Limited (regulated by the Financial Services Authority), FX Alliance International, LLC (ARBN 097 253 640, a Delaware, USA company, members' liability limited).
FXall, Altair, QuickFill, QuickOMS, QuickConnect, and all associated logos, are the trademarks of FX Alliance LLC.
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For further information, please contact:
FXall
Telephone: +44 20 7173 9600
info@fxall.com
Alex Clelland
Penrose Financial
Telephone: +44 20 7786 4866
Mobile: +44 7841 293952
alexc@penrose.co.uk
Nick Bone
Penrose Financial
Telephone: +44 20 7786 4878
Mobile: +44 7909 521293
nickb@penrose.co.uk
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