Currenex has unveiled FXtrades Fund, a new service designed specifically to meet the requirements of hedge funds, CTAs and asset managers. The company says that the new release automates these parties’ entire trading lifecycle and reporting processes, and enables them to be connected to their relationship banks in a highly secure environment.
Fund managers can execute trades using any of Currenex’s five pricing mechanisms and can attach allocations and settlement instructions either before or after execution. The company says FXtrades Fund features an intuitive trading interface, one click trading, block trading, Enhanced Market Access (EMA) and FXintegrate Direct. None of the above represent new product releases for Currenex per se, the company has repackaged existing services on its platform for the explicit use of the fund management community.
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.”
Currenex adds that the new release extends its EMA service by replacing the labour intensive, telephone-based prime broker “give up” notification process. Funds can elect to trade directly with any liquidity provider on the system or with one of the spoke banks on EMA, via one of the hub banks.
Lori Mirek, CEO of Currenex, says, “Funds have certain unique requirements in their foreign exchange activities. We have been working closely with our fund members and banks to create tailored solutions that respond to their specific needs. With FXtrades Fund, Currenex offers a robust service that delivers the speed, security, STP efficiencies, and auditing and reporting capabilities desired by global fund managers.”
Seperately, Travelex, the largest non-bank provider of FX services, has joined Currenex as a liquidity provider, becoming the first such non-bank participant from the sell side.
The arrangement is seen complementing Travelex’s FX payment service, according to the companies. Steve Kuhl, vice president of trading at Travelex, says, “This relationship sets an industry-wide precedent”, and adds that the combination creates a unique, integrated arrangement that encompasses FX placement, settlement facilitation and global funds transfer.
John Farmelo, vice president of Travelex Global Payments, says, “We see our participation with Currenex as a value add to our customer base. A significant portion of our largest customers are making trades with us outside the payments realm, and Currenex gives us the opportunity to provide this FX service in an efficient, exciting manner that recognises the reality of today’s trading environment.”
Mirek adds that, “Travelex enriches the diversity of foreign exchange counterparties on Currenex.”