FXall has added Crown Agents Bank (CAB) as a liquidity provider, enabling its users to trade more frontier currencies.
CAB is a UK–regulated provider of wholesale FX and cross-border payments services across developing, emerging and frontier markets.
With the addition of CAB, FXall users have an additional liquidity choice for trading deliverable frontier currencies, including the West African franc (XOF), Central African franc (XAF), Tanzanian shilling (TZS), Ugandan shilling (UGX), Ghanaian cedi (GHS), Bangladeshi taka (BDT), Rwandan franc (RWF) and Eastern Caribbean dollar (XCD).
As part of its expansion across emerging and frontier markets, Refinitiv recently launched a global electronic trading matching service in Vietnam, creating the first electronic marketplace for VND FX trading.
Also, earlier this year the Eikon Auctions service reached the milestone of having facilitated over $1 trillion in transactions for central banks and corporates. Central bank auctions in developed, emerging and frontier markets are important for managing currency flows, primary market issuance, supporting import and export strategies and facilitating international trade and global investing. Refinitiv says that the Eikon Auctions service is now used by central banks in Europe, the Middle East, Africa and Asia, with a 27% year-on-year increase in customers.
“An effective global FX trading network requires presence in smaller, emerging markets, and partnering with liquidity providers such as Crown Agents Bank furthers those capabilities,” says Neill Penney, managing director, co-head of trading at Refinitiv.
“We are thrilled to partner with Refinitiv on FXall to increase access to these expanding markets for the banks and organisations we serve, all over the world. This kind of access is essential in enabling developing, emerging and frontier markets to flourish,” says Alison Trace, DigitalFX product manager at CAB.