INTL FCStone's FXePrice Trading Platform to be Expanded Beyond Initial Rollout to Full 350+ Correspondent Banking Network
LONDON, March 6, 2019 /PRNewswire/ -- INTL FCStone Inc. (NASDAQ: INTL) today announced that its London-based subsidiary, INTL FCStone Ltd's Global Payments Division's ("IFL" or "the Company") initial rollout of its FXePrice platform currently has 52 users in 17 institutions trading in 12 different exotic currencies on a 24 hour basis. FXePrice allows banks to directly communicate FX rates to IFL, enabling the Company to execute deals over the platform, during and post market hours.
In June 2018, the Company released its FXePrice platform to select members of its global network of more than 350+ correspondent banks, all of which are in emerging markets. Due to its success, the Company will be initiating a full rollout of the free platform to its entire network of counterparties this year. INTL FCStone's Global Payments Division maintains an extensive network of correspondent banking relationships to ensure efficient, secure and transparent cross-border payments in many countries where transparency is otherwise limited.
Francois Beau Yon de Jonage, SVP at INTL FCStone Ltd's Global Payments Division, commented, "Since introducing FXePrice, we have received very positive feedback from members from our trusted global network of more than 350 correspondent banks. In emerging markets, the traditional methods of price discovery lack transparency and are often unreliable as price discovery via phone, email or messaging makes it difficult to accurately streamline local currency rates. Through our robust network, we are well-positioned to provide a single, innovative platform to local banks, and look forward to a full rollout to our global network this year."
FXePrice enables correspondent banks to feed local currency live prices electronically to IFL, allowing users to stream foreign exchange prices, which reduces latency and ensures efficiency by integrating with counterparties' straight-through-processing (STP) systems. The platform automates the manual process of FX price discovery in emerging markets and facilitates instant electronic price discovery via both streaming and request-for-quote (RFQ) functionality.
Sameer Jaggi, SVP at INTL FCStone Ltd's Global Payments Division, added, "We are very excited by this new offering. As banks, particularly in markets like Africa, seek to improve their levels of transparency and strengthen their dealing communication channels, FXePrice will become an increasingly important and relevant dealing platform."
The platform significantly reduces the time and cost of execution, as well as errors associated with manual process of price discovery. Critically, FXePrice allows banks on the IFL network to submit prices during off-market hours, maximizing the ability to capture flows by showing overnight interest and participate in the global marketplace.
Correspondent banks which were selected to participate in the prelease of the platform offered the following comments:
Carlos Velasco, Vice President FX Trading, Banco Bisa in Bolivia, said, "The INTL FCStone platform is a totally user-friendly tool, with good technical support when there is a problem with the user or passwords… I am sure that in the future, with greater volatility it will be a very helpful tool to quote INTL FCStone."
Ariel Ramírez, Treasury and FX Trading, BCP Bolivia, said, "The platform is totally friendly, understandable, easy to use, and it is quite useful to be able to download all the trade information from the platform."
Edson Jorge, International Finance Department, Banco Economico in Angola, said "It is a very practical platform and promises to revolutionize the business of buying and selling currencies"
Bo Kronback, Head of Treasury at Banco Comercial Angolano in Angola, said, "The FXePrice is a very handy tool for our business with INTL FCStone. It's easy to operate in terms of input and changes, as well as practical with the split in quotation size. The possibility to export to Excel secures a fast integration with the dealers' positions."
Murielle Magayane, Chief Dealer, Bank of Africa Uganda, concluded "[it's] very easy to use and reliable."
About INTL FCStone Ltd
INTL FCStone Inc. ("INTL) is a public company based in the United States listed on the NASDAQ stock exchange (symbol "INTL") and regulated by the US Securities and Exchange Commission. All financial information and filings are public and can be viewed on the website of the Securities and Exchange Commission or on our website http://www.intlfcstone.com.
INTL FCStone Ltd © ("IFL") is a wholly owned subsidiary of INTL and is registered in England and Wales No. 5616586. IFL is authorized & regulated by the UK Financial Conduct Authority under the Payment Services Regulations 2017 for the provision of payment services [FRN 446717]. INTL acts as Agent for IFL in New York and INTL Asia Pte Ltd acts as Agent for IFL in Singapore for the provision of payment services. INTL FCStone Ltd is certified by the BSI to ISO/IEC 27001:2013 [Certificate No. IS 583823]. Neither this information nor any opinion expressed constitutes a solicitation to buy or sell foreign exchange or any futures or options or OTC products.
© 2019 INTL FCStone Inc. All Rights Reserved
Media Contact
Jay A. Morakis
M Group Strategic Communications (for INTL FCStone Ltd)
+1 646 859 5951
[email protected]
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SOURCE INTL FCStone Inc.
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