FXall has added a standalone facility for confirmation and settlement of all foreign exchange transactions conducted across the multi-bank portal.
FXall Settlement Centre allows users to match, confirm and net all deals, whether they have been dealt electronically or over the telephone.
Geri Westphal, assistant treasurer of Oracle Corporation, welcomes the new facility. "It is a natural extension to add matching and netting to the automated trading platform," he says. "We are already doing much of our electronic trading on FXall, and today's announcement means that we will be able to capture the full deal process online."
The facility enables users to receive real-time downloads of confirmed deals; generate settlement instructions through the use of SSI data; agree netted payments and settlement details with their counterparties; notify counterparties, custodians and other third parties using industry standard Swift message formats including MT300 and MT304; and generate audit trails and manage entitlements for all stages of the confirmation process.
Ian Williams, head of fixed income and foreign exchange trading at Barclays Global Investors, comments: “FXall allows us to maximise the efficiency of our trading and minimise the risk of post-trade errors. Crucially, FXall has the necessary resources to automate the entire transaction cycle."
The move puts FXall in the space currently occupied by CrossMar, a wholly-owned subsidiary of Citicorp, which develops and markets a range of confirmation, matching and reconciliation services for FX and securities. Citicorp is a partner in rival multi-bank platform Atriax.