The Global Payments Division of INTL FCStone’s London based subsidiary, IFL, has announced plans to roll out its FXePrice platform to its entire network of counterparties.
Launched in June 2018, FXePrice enables correspondent banks to feed local currency live prices electronically to IFL, allowing users to stream foreign exchange prices, which reduces latency and ensures efficiency by integrating with counterparties’ straight-through-processing (STP) systems. The platform automates the manual process of FX price discovery in emerging markets and facilitates instant electronic price discovery via both streaming and request-for-quote (RFQ) functionality. FXePrice also allows banks on the IFL network to submit prices during off-market hours, maximising the ability to capture flows by showing overnight interest and participate in the global marketplace.
Currently it is only available to certain members of IFL’s network of correspondent banks that are based in emerging markets, but the firm says that it will be initiating a full rollout to all of its counterparties this year.
Francois Beau Yon de Jonage, SVP at INTL FCStone’s Global Payments Division, comments: “Since introducing FXePrice, we have received very positive feedback from members from our trusted global network of more than 350 correspondent banks. In emerging markets, the traditional methods of price discovery lack transparency and are often unreliable as price discovery via phone, email or messaging makes it difficult to accurately streamline local currency rates. Through our robust network, we are well-positioned to provide a single, innovative platform to local banks, and look forward to a full rollout to our global network this year.”
Ariel Ramírez, treasury and FX trading at BCP Bolivia, says: “The platform is totally friendly, understandable, easy to use, and it is quite useful to be able to download all the trade information from the platform.”
Bo Kronback, head of treasury at Banco Comercial Angolano in Angola, says: “The FXePrice is a very handy tool for our business with INTL FCStone. It’s easy to operate in terms of input and changes, as well as practical with the split in quotation size. The possibility to export to Excel secures a fast integration with the dealers’ positions.”