Currenex has rolled out its fifth pricing mechanism on its site. An order management tool is now available to clients, which sits alongside the request for quote, exclusive quote, fast quote and streaming quote services that are already available.
The Currenex offering differs from proprietary order management systems in place at institutions such as Morgan Stanley, in that the portal does not actually fill the orders, it simply sends the buy side’s requests to the sell side. “We are simply trying to facilitate communication among members,” says Jim Kleckner, CTO and vice president, products, at Currenex. “We see ourselves as a communication medium, we just pass the information into bank systems as appropriate. We do not hold the orders per se, we have simply developed a system which routes the orders to the trading partner of the buy side’s choice.”
The tool offers users at best, limit, stop/loss – take/profit and one-cancels-other (oco) orders, clients can also specify a time limit on the order under the “good until” function. Orders can be sorted by currency, currency pair, counterparty type, amount, tenor, order type or amount filled as the system does allow for partial fills.
Kleckner notes that the Financial Services Authority is now increasingly recognising the validity of electronic confirmations in all dealing processes. Because Currenex keeps transaction records from both the buy and sell sides, the portal adds to this process as an independent party, he adds.
Currently the system does not colour-code orders by their proximity to the market, something that would aid recognition, especially at desk-head level; however, Kleckner says this is easily achieveable.
The introduction of order management is part of Currenex’s ongoing rollout of services. Kleckner comments: “We are operating on a roll start basis, where we have a basic offering and add to it as our users request, rather than simply trying to offer everything at once and going off a cliff.”