SWIFT Expands FX Performance Tool, Market Data to Broader Client Base

SWIFT's new efforts will help offer the wider financial community new access to FX data.

SWIFT, a global provider of financial messaging services, has expanded its foreign exchange (FX) performance capabilities, augmenting the scope of its FX Performance Insights service for a broader user base.

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The group’s FX Performance Insights service was originally designed to help support major market players – the advent of the newly expanded Insights tool will help cater to a wider range of market participants in the FX space, bringing the benefits to any individual regardless of their net worth.

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Since originally launching the service back in 2016, SWIFT’s latest extension will see the performance tool broadened beyond G16 broker-dealers. The effort represents SWIFT’s shifting agenda to pander to the entirety of the financial community. The FX Performance Insights suite helps enable financial institutions to measure their respective FX business performance. The service is informative as it helps drive improved strategic decision-making whereby utilizing FX market data in detailed reports that are derived from SWIFT’s metrics.

Moreover, the service draws on a wide base of over 8,000 financial institutions, ranging from global and regional banks to central banks, sovereign wealth funds, and thousands of investment managers. The data itself is governed and formulated by market data within FX Performance Insights reports is via SWIFT’s messaging, ultimately supporting a legal confirmation process for global FX markets.

Fabian Vandenreydt

According to Fabian Vandenreydt, Global Head of Securities Markets, Innotribe & The SWIFT Institute at SWIFT, in a statement on the expansion, “The golden copy of FX global market data is very difficult to acquire. Most information is based on surveys and local data from an institution’s proprietary trading sources. SWIFT has access to a unique set of FX data points based on message traffic flows. When this raw data is aggregated and packaged together with our analysis and insights, it becomes an invaluable tool for FX players, globally.”

Last week, SWIFT made headlines after it offered its full support of the recently introduced FX Global Code, reiterating for the group’s customers that their respective FX market activities are fully aligned with the principles of the Code. Last week, the first part of the FX Global Code of Conduct was published by the Bank of International Settlements.

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