The Royal Bank of Scotland Financial Markets (RBS Financial Markets) has today announced an upgrade to its online foreign exchange service RBS FiX.
RBS FiX generates foreign exchange benchmarks, providing users with a transparent market benchmark price that is independently audited and published to the market.
RBS FiX now provides forward foreign exchange benchmark prices for three new emerging market currencies – Estonian Kroon (EEK), Lithuanian Litas (LTL) and Latvian Lats (LVL). This is for forwards up to three months tenor.
Commenting on the upgrade, Tom Roche, Global Head of eCommerce and Agency Treasury Services, said: "This is a very important addition to our eCommerce capabilities and is in direct response to customer demand. By using RBS FiX customers can gain absolute confidence that the pricing of transactions is from multiple market sources."
RBS FiX has a unique algorithm which gathers data using width, age, liquidity and, most importantly, the market volume to calculate a true market price at a specific fixing time. RBS FiX is independently audited by Deloitte & Touche at SAS70 Type II standard.