Goldman Sachs: Best site for FX prime brokerage
Runners-up: Deutsche Bank, CSFB
Forex prime brokerage is a new business for banks, so putting it on the internet is relatively easy. There is no existing business model to change, no old systems to close down or integrate, and no need to retrain staff. This means that the websites that were shown to Euromoney in this category are, without exception, good and efficient at what they do.
The basic function of forex prime brokerage websites is to take care of trade processing for clients, leaving them to concern themselves only with exceptions.
This means that all banks with forex prime brokerage websites track the status of give-up trades, and provide various reports and statements online for clients to monitor the reconciliation progress of the trades they have executed with, or through, their prime broker.
Goldman Sachs wins this award because its website is more than a list of links to reports. As soon as clients log on, which they can do via the single sign-on that the bank has provided across all its websites, the homepage draws their attention to pertinent information about individual fund managers' trades.
This includes a list of upcoming fixings and expirations, as well as a bar chart that details how much credit has been used in trades with different banks through the prime broker, and a summary of settlement details.