Online trading platform Currenex has announced enhanced deal allocation and settlement functionality for users of its FXtrades and FXintegrate product lines. Currenex settlement service allows counterparties to automate the approval of standard instructions so that both have immediate access to settlement instructions and allocation details at the time a trade is executed. Trading members can store as many settlement instructions as needed and add their initial or new instructions via an upload or the FXtrades user interface. Each instruction allows for either two or three tier settlements, supporting intermediary banks, and includes all required SWIFT fields to create a complete record that is ready for transfer to settlement and messaging systems. ‘If we take Greenwich Associates’ word that 23 % of savings from online trading stem from settlement automation, the new settlement initiative – which provides real-time access to settlement instructions – should bring significant efficiencies,’ said Ted Sandborn, VP Product Development. The new allocation functionality enables corporates and funds to specify default percentages for allocations per fund or sub-entity. Allocations can be defined in three ways: prior to trade by an upload, in the FXtrades user interface, or post-trade through the FXtrades user interface. CEO Lori Mirek said Currenex would continue to enhance functionality: ‘Is STP over now? STP is a race without a finish line, platforms will have to adapt to customer demands for further integration as they arise.’
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