GLOBAL - Credit Suisse has confirmed it is considering using the FXall foreign exchange platform.
This comes as FXall announced that volumes on ‘Settlement Center’, its automated post-trade workflow service, doubled in 2005.
Global Pensions spoke to Thanos Papasavvas, director head of currency management at Credit Suisse, which has $20bn in AuM.
Papasavvas said: “ Straight through processing is very economical in the way it’s applied, it’s also timely so you can execute a large number of trades instantly providing liquidity to the market.”
FXall witnessed a four-fold increase in custodial notification messages, which are used by asset managers to notify their custodians of trades with other banks.
Current asset manager clients of FXall include: Daiwa SB Investments, Legal & General Investment Management, BlackRock and Newton Investment Management.
Taeko Boyle, head of settlement at Daiwa SB Investments, said: “Settlement Center has automated the entire notification process, making it as easy to execute trades with third parties as with our clients’ custodians.”
Neill Penney, FXall’s global head of product strategy, said: “By automating manual middle and back office tasks into a single process, ‘Settlement Center’ tightens internal controls and makes it easier to comply with best practice requirements.”
By Rebecca Brittain
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