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| Wednesday, 4 December 2013, 15:32 HKT/SGT | |
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| ETF issuer FinEx leads growing number of asset managers and investment fiduciaries altering FX execution practices, replacing legacy FX fix with new FX execution systems |
NEW YORK & LONDON, Dec 4, 2013 - (ACN Newswire) - Curex Group, a provider of next generation foreign exchange ("FX") management capabilities that enable new standards of transparency and accountability for OTC FX fixings and execution, announced today an agreement with FinEx Group to embed patented Curex FX systems and FX execution audit technologies into FinEx currency-hedged share class ETFs.
Curex has created the world's only real-time streaming, executable FX fixing data designed to be integrated into financial market indices as an alternative to legacy FX benchmarks. Data is generated from the Curex FX electronic matching engine platform where a majority of the largest global FX dealers provide unprecedented executable liquidity and price transparency to market participants in an anonymous, competitive "exchange-like" FX marketplace. Fix market participants can access the Curex FX platform via FX prime brokers or through a growing number of participating banks and custodians.
Curex enabled currency valuation benchmarks are rapidly gaining the attention of ETF product sponsors, asset managers and fiduciaries globally who seek to better align their performance benchmarks with their obligations to investors for best execution. Curex FX systems allow new real-time FX execution audit functions to be seamlessly integrated into asset manager transactional workflows. Now asset managers can seek best execution in foreign exchange markets throughout the trading day without having to accept tracking error against an indicative FX price updated once per day. Curex systems allow market makers to hedge ETP FX exposures real-time at benchmark rates greatly improving ETP liquidity.
Simon Luhr, CEO of Finex Group said, "We chose the Curex system as an alternative to standard FX fixing and disclosed 'standing instructions' for FX execution at our custodian in an effort to better fulfill our fiduciary obligation to investors for best execution. Additionally, the flexibility of the Curex system allows for the creation of better ETFs by aligning FX fixing times with the time when FX executions occur."
Curex has partnered with the leading index provider FTSE who provides fix calculation governance and independent validation of fix price data streaming from the Curex FX marketplace to market participants.
Bill Dale, Chairman and CEO of Curex added, "We are seeing a sharp increase in the attention paid to FX valuation and execution. In time, the widespread adoption of these fixing benchmarks will spread FX volumes throughout the trading day. This should help to reduce the concentration of market activity we see around legacy fix data sample periods and should help reduce the market volatility associated with such fixings. These are positive developments for both FX markets and for ETP investors."
About Curex Group
The Curex Group of companies creates innovative intellectual property and technologies to enable the development of new financial products that link institutional foreign exchange liquidity to global capital markets. These products include executable FX indices and both OTC and exchange-traded FX index- linked financial products that offer new standards for transparent price discovery and pricing efficiency. Curex Group and FTSE launched the FTSE Curex FIX and FX Index Series in 2012, which provides a transparent benchmark for 'Over the Counter' (OTC) FX. Curex intellectual property and financial technologies are designed to promote sustainable market liquidity and new methods of global market connectivity with equal access for market participants.
Curex Group is a company with diverse capital market experience and deep expertise in the institutional foreign exchange marketplace. Curex senior management includes technology developers, former buy- side fiduciaries and software developers. The Curex leadership team includes professionals with proven track records in building financial businesses, innovative financial products and industry leading technologies that have helped shaped the global foreign exchange marketplace. Its FX professionals are led by former FX Chief Dealers from major dealer banks and leading FX ECN liquidity managers who have created some of the leading FX Electronic Communications Network (ECN) dealing platforms and post trade settlement systems used in the OTC FX marketplace today. Curex is a private company and its head office is located in New York. For more information visit www.curexgroup.com.
Topic: Press release summary
Sectors: Daily Finance, Exchanges
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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