FX platforms: Workflow is key, says FXall
Multibank platform FXall, which has recently released a new service called Cross Currency Netting, says that changing conditions in the foreign exchange market have shown the importance of being able to deliver flexible workflow tools to the buy side.
Market sources say that there has been quite a drop-off in the liquidity seen on many platforms, reflecting both the market volatility and some of the concerns around credit. According to Mark Warms, general manager FXall Europe, the provision of work tools that take into account these changing conditions is an important part of the company’s attempts to cement its position with its buy-side clients.
The changing environment has led some business to move away from electronic mechanisms and back to the telephone. But Warms say that corporates still need to have a clear audit trail in place and they also wish to benefit from as high a level of straight-through-processing as possible. "We’ve made it easy for clients that even if they need to use the telephone to deal with their banks, they can still make use of our workflow features," he says.
"Having a clear audit trail of all transactions is becoming a real requirement and you can’t do that over the telephone"
Mark Warms, FXall Europe
"This is an ongoing trend but it’s become even more important. Control and compliance are incredibly important.