FXAll adds benchmark rates from Citi, HSBC and RBS to its forex order management service
Electronic foreign exchange platform FXall has added benchmark fixings to its order management system, QuickOMS. This means that clients can now submit request-for-stream and benchmark orders through a order management window.
Benchmark fixings are independent, auditable foreign exchange rates designed to provide an accurate reflection of the market at the time the rate is fixed. FXAll says that, by submitting an order for execution at a particular fixing, asset managers and corporate treasurers can be confident that they are achieving a competitive rate for the time of execution.
The FXall service will enable clients to submit orders for execution at any one of a range of industry standard fixing series from Citigroup, HSBC and RBS. Each bank has made its full benchmark fixing service available through FXall.
“As a leading provider on FXall, we are pleased to offer our clients the ability to access our market leading CitiFX Benchmark product via QuickOMS," says Anu Jayanti, Managing Director and Global Head of FX Sales at Citigroup. "We look forward to working with FXall on this exciting initiative."
Alan Clarke, Global Head of e-FX at HSBC, says the bank recognizes there is growing demand for this type of service. "With independence of the pricing crucial to our clients the data published in the HSBCfix is provided by WM/Reuters," he adds. "This gives us and our clients a well established and respected independent source of foreign exchange rates, used widely by the fund industry for portfolio valuations and performance measurement."
Martin Spurr at RBS describes FXall is "a very important relationship channel" for RBS clients. He says the bank is "firmly committed to the continued development of the range and depth of services that are available through this channel. We understand the importance of transparent FX trading to each and every client sector and have been staggered by the rate of uptake of benchmark trading by our clients. We see that this growth will continue, particularly as regulatory pressures such as MIFID are set only to increase. Managing FX transactions at RBS FiX rates on the FXall platform, will enable our relationships to benefit from the both the transparent pricing of RBS FiX and the deep STP functionality of FXall.”