Volkswagen Brazil, a wholly owned subsidiary of the German automobile manufacturer, has adopted Bloomberg’s foreign exchange (FX) trading platform FXGO to manage its global currency risks. In Brazil since 1953, Volkswagen Brazil is the country’s largest manufacturer of automobiles and light commercial vehicles and the largest automotive segment exporter.
FXGO is part of the Bloomberg Professional service, also used by Volkswagen Brazil to monitor global news and financial market data, communicate with global counterparties and evaluate economic outlooks.
“Bloomberg’s system simplifies our pricing process, increases internal and external communications and provides us a single, integrated solution for financial information and currency trading,” said Bernd Schmidt-Liermann, Volkswagen’s head of regional treasury in South America. “The platform provides our organisation with increased efficiency and agility, and that was paramount in our decision to select Bloomberg as our sole currency trading platform.”
Volkswagen Brazil also uses FXGO to manage FX exposure for Volkswagen Argentina and plans to use the platform with other subsidiaries across South America.
“We are providing the Volkswagen Brazil team a simple, commission-free solution that empowers them to manage their currency exposure,” said Geraldo Coelho, Bloomberg’s head of sales for South America. “Through FXGO we are offering companies of all sizes, geographies and industries the ability to improve their price discovery, automate financial transactions and ultimately reduce operational risks.”
On day one of Sibos 2017, Stefan Dab, The Boston Consulting Group led a conversation examining the future of correspondent banking, and specifically the pain points corporate treasurers face in their cross-border payments operations and where technology can be developed to alleviate these.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.