International Financial Systems is to provide collateralised trading services to the multi-bank foreign exchange portal Currenex.
Under the terms of the agreement, an Application Program Interface between Currenex's Internet service, FXtrades, and IFS' MarginMan-Gate application will be built enabling automated collateralised foreign exchange trading over the Currenex platform.
Currenex provides the first operational online currency exchange open to institutional buyers and sellers worldwide. Members include MasterCard International, Royal Dutch/Shell Group and Intel Corporation as well as 35 global, market-making banks.
In a seperate deal, Currenex is to add currency option pricing and analysis from GFInet's Fenics product, the currency option pricing tool used by banks globally. Under the terms of the agreement, Currenex members will be given the opportunity to subscribe to premium Fenics services, including exotic option pricing, third party math models and near real-time volatility, spot, and forward price feeds. This new capability will be released in the second quarter of this year.
Currently, Currenex provides users with global financial news and currency rates from Reuters, a library of fundamental bank research from Multex, real-time FX technical analysis charts from Tradermade International and an interactive messaging service called Instant Exchange.