Seabury Global Markets LLC (SGM), a provider of foreign exchange liquidity management and trade execution solutions, has inked a new partnership with Noble Bank International to enhance its newly-launched service, Noble FX, which allows clients to clear, net and settle spot FX and precious metals in real-time. Seabury Capital also participated in Noble’s Series A round.
In particular, SGM has had its FXone’s FIX and GUI software applications selected by Noble FX to offer greater flexibility and functionality in post-trade and reduce counterparty settlement risk for OTC trading.
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Overall, the partnership will leverage FXone’s established global distribution footprint and Noble’s unique offering to expand the companies’ institutional client base while continuing to service clients looking to create their own pools of credit with fully customizable rules guiding each pool. Additionally, the deal offers a complete end-to-end solution to address the core issues of credit access and post-trade processing cost for Seabury’s institutional client base.
Rob Fleschler, CEO at Seabury Global Markets, commented: “We’re very excited to be working with Noble to deliver an alternative end-to-end trading, clearing and settlement service that expands SGM’s value proposition to the clients using our FX and precious metals trading solutions and platforms. Noble’s FX service benefits our companies’ combined offering to buy and sell side clients by reducing the friction of onboarding clients and liquidity providers in OTC markets allowing broader access to market participants while simplifying and reducing the cost of post-trade services.”
John Betts, Noble’s founder and CEO, added: “SGM’s advanced FX trading platforms and global distribution footprint are incredibly complimentary to Noble’s service of enabling public and private credit pools, supported by real-time clearing, netting and settlement. The strategic partnership will further our mission of solving some of the key fundamental issues underlying the FX, precious metals and OTC markets.”