Tech awards: Non-bank foreign exchange
Best at money markets trading
Currenex develops all its technology internally, so it was able to respond quickly to customer demand to have access to money markets on its platform. It introduced its money markets trading capability in 2002.
Currenex's independent ownership structure has enabled it to develop a balanced suite of features for both sell-side and buy-side clients. For example, day traders can opt to install a tab displaying their profits and loss so that they can check it against the collateral that they have with their brokers.
When Currenex introduced streaming rates it included a number of important protections for liquidity-supplying banks. For example, if a buy-side client accepts a price then a message will automatically be sent to the bank that streamed the price to confirm it.