The New York-based foreign exchange data analytics and execution services provider catering to the buy-side, Curex Group, today announced an agreement with State Street where it will be added as a route to the company’s FX Connect platform.
FX Connect is a multi-counterparty trading platform that offers end-to-end FX execution services, offered under States Street’s dedicated segment, where Curex has now become an execution destination accessible via the platform. State Street also offers the Currenex ECN platform used by many global retail FX brokerages.
The new ability allows for platform subscribers to access Curex’s centrally cleared liquidity pool and helps to facilitate the anonymous execution of over 200 currency pairs through the ECN platform structure within FX Connect. Finance Magnates previously covered when another provider was added to the company’s FX connect platform.
Going Past the Great Wall: Things to Consider When Entering the Asian MarketGo to article >>
Curex liquidity not subject to last-look
Paul Alves, head of FX Connect commenting in the press release: “FX Connect is dedicated to supporting clients’ needs, providing market leading tools to meet their execution requirements and manage their pre- and post-trade workflows. We believe that Cürex offers our clients a unique solution, and we are pleased to add this new capability to our suite of execution methods.”
Curex streams liquidity from 13 major banks, which it described as not subject to “last-look” execution, where banks would otherwise have a fleeting moment to decide whether the trade is favorable for them to execute or not.
The company also highlighted how all executions via Cürex have respective price prints on the FTSE Cürex FX benchmark indices thus providing an audit trail for compliance purposes, if any trade execution price was in question. The offering is aimed to help support best-execution practices for buy-side institutions.
Commenting in the official press release, Cürex Group Chairman and Chief Executive Officer Jamie Singleton said: “Cürex’s sole mission is to provide FX solutions to the buy side. We are delighted that FX Connect has taken the affirmative step to make our solutions available to their customers. We have spent years building our unique execution services and data analytics into an integrated platform. Given the rapidly changing dynamics of the FX marketplace and increasing pressure by regulators for greater transparency, we believe that Cürex is well positioned to address the buy sides’ needs in partnership with FX Connect.”