The London-based subsidiary of INTL FCStone Inc., INTL FCStone Ltd’s Global Payments Division, has announced the introduction of a proprietary web-based platform to provide local currency liquidity, called FXePrice.
The platform lists 140 currencies used across 175 countries. INTL FCStone is releasing the platform in phases and has introduced it, initially, to select members of its global network of more than 300 correspondent banks. The firm will use feedbacks and incorporate recommendations to mold the final version, which it is planning to roll out in late 2018.
Carsten Hils, Global Head of INTL FCStone Ltd’s Global Payments Division, said:”Our trusted global network of more than 300 correspondent banks is a foundation of our business, and we are excited to offer them an innovative, electronic FX pricing and trading solution with FXePrice. The platform revolutionizes the Company’s price discovery and execution process and adds a whole new level of transparency to the process.”
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A versatile platform
The platform is completely automated and includes process and facilitates instant electronic price discovery via both streaming and request-for-quote (RFQ) functionality, which significantly reduces the time and cost of execution, as well as errors associated with manual processes. It receives local exchange rates from the correspondent banks and even allows them to submit prices even during off-market hours for certain currencies, maximizing their abilities to capture flows by showing overnight interest and participate in the global marketplace.
Dominating financial market
INTL FCStone is a market leader in the financial industry, and its subsidiary INTL FCStone Financial Inc. had received the top ranking for an OTC Market Maker for 2017 for the third consecutive year. Moreover, the firm reported record revenue for the first quarter of 2018, which reached $212.6 million. The figure signifies an increase of 15% YoY, up from $185.5 million, for Q1 FY 2017.
“FXePrice gives banks in the developing world easier access to the latest technology and allows for better transparency with the local currency price in country. Given our position in the marketplace, we are uniquely positioned to provide a single solution to the local banks,” Francois Beau Yon de Jonage, SVP at INTL FCStone Ltd’s Global Payments Division, who designed the platform, commented.
“We believe this to be especially valuable for those counterparties who may not otherwise have sufficient resources to adequately streamline their local currency rates. We have currently released the platform to select members of our correspondent banking network in order to source their feedback and integrate them into the system, after which time we will roll out the platform for our entire global network. I look forward to providing updates to our counterparties throughout this process.”