BidFX and Finastra Partner to Enhance Services for Mutual Clients

BidFX announced on Tuesday its integration to Finastra’s Fusion Confirmation Matching Service (CMS). This will benefit the mutual clients of the companies by ensuring services will range from execution to settlement.

“Partnering with a market leader like Finastra to offer increased workflow benefits for mutual clients is a win/win project for all parties,” said John McGrath, BidFX’s Chief Revenue Officer.

An Integrated Tech Ecosystem

BidFX, which is owned by the Singapore Exchange (SGX), offers an execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term management system in the forex trading markets. “As e-FX markets become more sophisticated and workflow-based projects become paramount to generating alpha, we are happy to work with innovators such as Finastra and the clients they service,” McGrath added.

However, Finastra is a market infrastructure provider, with several hundreds of clients, mostly corporates and buy-side Buy-Side The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim Read this Term institutions. It is following an open architecture approach and is bringing a number of partners and innovators together.

Earlier in 2020, Finastra integrated the netting services of CLS to offer its clients access to a bilateral payment netting calculation service.

“We’re delighted to have integrated with BidFX, adding another electronic trade execution partner to our portfolio. Offering more choice to our customers in this way aligns perfectly with our marketplaces strategy,” said Finastra’s Senior Sales Manager, Claire Clarke.

“This end-to-end workflow for BidFX via our CMS solution increases straight-through processing and reduces the operational risk for our mutual customers.”

VARO Energy’s FX Trader, Jacques Delaunay-Driquert, added: “The Finastra integration with BidFX increases the automation capacity for a trading platform, without requiring customer resources. BidFX is now increasing its automation for cutting-edge Treasuries like VARO to help integrate front-office to back-office workflow.”