FX industry specialist RCP and B2 Hub, the Luxembourg-based expert in straight-through processing (STP), have launched a new foreign exchange (FX) STP service. The B2 Hub FX service allows any bank, fund or corporate client to receive electronic trade confirmations from multiple trading venues via a single connection. This innovation provides confirmations in a user-specified format so that, irrespective of which venue they deal with, the confirmations are formatted at the hub to match the input requirements of the client’s back office systems.
Recent research carried out by RCP with Tier 1 FX traders and venue providers indicates that only a very small percentage of FX clients are provided with post-trade STP facilities by their trading partners. The two main reasons for this are the cost and the difficulty of providing client-side integration. However, it is generally accepted that wider access to STP and post-trade services would have major benefits for both parties.
B2 Hub FX provides a bi-directional connection: as well as publishing FX trade confirmations, B2 Hub FX will allow clients to consume software services such as matching, netting and reconciliations which can be provided by the hub or as value added services by a bank or a software service provider.
Paul Burgess, head of strategy at RCP, said: “This is a major step forward for FX STP. More institutions and corporate clients will have access to high value STP and post-trade services. We also see the B2 Hub connection as the conduit of choice for banks wanting to provide their clients with an enhanced range of services. This is especially important for corporate clients, who are currently poorly served by the trading venues, where services such as SWIFT connectivity, cross-border payments and reconciliations could be easily delivered via the hub. We will be providing integration capabilities with the major enterprise resource planning [ERP] and corporate treasury systems.”
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