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Foreign Exchange

April snooze: FXSettle

This week I received an email informing me of a “revolutionary settlement solution” – an email that had already been published elsewhere. Normally that would signal the end of my interest – after all, old news is stale news. But the clever marketing hooked me.

Just as a philosopher might ask what is ‘being good’, a journalist should ask ‘what is news’? For some, it is no more than the regurgitation of press releases, but The weeklyFiX has sought to be different.

 

For instance, this week I received an email from FXMarketSpace informing me of its “revolutionary settlement solution” FXSettle – an email that had already been published elsewhere. Normally that would signal the end of my interest – after all, old news is stale news. But FXMS’s clever marketing hooked me.

“Please find attached a press release that should be of interest to your readers. FXSettle is a FX settlement service that protects against both replacement and settlement risk, whilst having the potential to significantly reduce costs,” it said.

I contacted FXMS to ask if it could provide any further details. I’m sure the 10,000 or so buy-side players who voted in this year’s Euromoney FX poll would love to know more, but FXMS never got back to me. So we shall just have to assume that the press release really did contain some news and that it does offer a superior solution to the one that seemingly works so well in what is, after all, one of the largest financial markets in the world.

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