Northern Trust has launched CompleteFX,
a stand-alone FX product for investment managers that offers outsourced FX
processing and execution services.
CompleteFX is designed to be a fully customised
service and technology platform that combines the operational capabilities of
Northern Trusts’ Global Fund Services infrastructure with the market and
execution expertise of its global foreign exchange group, says the bank.
Developed from existing FX execution
services Northern Trust offers to its investment operations outsourcing
clients, CompleteFX aims to provide seamless transmission of instructions from
client to provider and efficient translation of instructions into FX
transactions, including optional broker matching services.
The service also offers a
customised trading program across its full block of accounts and trade
settlement and detailed transaction reporting.
“With global market growth and volatility,
managers need a solution that allows them to focus on core strategies, while
knowing that currency trade execution aligns with their investment objectives.
By enhancing our outsourced FX solution, we deliver in the critical areas of
scale, reach, reporting and innovation,” says Dan Houlihan, head of global fund
services in North America at Northern Trust.
Using CompleteFX, client trades flow across the
bank’s integrated global operating platform, using a fully automated, straight
through process. The platform supports flexible order routing and trading
options, allowing clients to maintain discretion around the netting of FX
transactions, as well as the timing and method of execution.
“As investment managers pursue their strategies,
they are faced with unique operational and market complexities in the
management of foreign exchange risk,” says John Turney, head of outsourced
foreign exchange solutions at Northern Trust. “CompleteFX allows investment
managers to outsource their FX processing and execution by taking advantage of
the options we offer.”