Independent online currency exchange Currenex has launched FXtrades Fund, a new service suite tailored to provide fund managers with straight-through processing.
Designed specifically for hedge funds, CTAs and asset managers, the service automates the entire trading lifecycle and reporting processes, says the company.
FXtrades Fund enables fund managers to conduct trade execution, confirmation and settlement with their relationship banks in a secure environment. Fund managers can elect to trade using multiple trading methods including executable streamed prices, requests for quotes or orders. They also have the ability to attach allocations and settlement instructions before or after trade execution.
Features of the FXtrades Fund service include block trading, which allows users to send a group of orders to their banks; an 'enhanced market access' service that enables funds to trade directly with any Currenex liquidity provider using interbank credit lines already in place; and the FXintegrate Direct interface, which enables funds to electronically initiate a request for prices from liquidity providers, then select a price (using preset acceptance parameters)and update their positions in seconds.
Melissa McDonald, global business support manager at AXA Investment Managers, says: "We expect FXtrades Fund to be valuable to our operations, and we are delighted to see that Currenex continues to expand on the range of specific services that it provides to its fund members."