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Currenex

currenexSpeed of execution, access to multiple liquidity sources and a robust order management function can maximize the effects of your foreign exchange (FX) trading. Currenex® is a professional FX trading solution that gives you fast, low-cost and secure electronic access while helping you reduce your risk.

The Currenex trading platform uses innovative, patented technology in order matching and liquidity aggregation. This award-winning solution helps you aggregate liquidity streams from more than 60 banks into an advanced electronic order management system where execution is followed by sophisticated trade settlement. Using a high- speed, low-latency API or the sophisticated Currenex Classic trading interface, this solution gives the professional trading community access to live, streaming, executable bids and offers available for instant execution. In addition to linking market makers directly to buy-side participants, the solution offers an anonymous central counterparty service called FXtradesTM. Market data is also available through FXtrades and includes pricing in more than 65 currency pairs.

eEXCHANGE

eExchange is a division of State Street Global Markets that delivers advanced trading solutions for foreign exchange, futures, US treasuries and the subscription and redemption of money market funds and exchange traded funds. By combining pioneering workflow solutions and advanced technology, we can help clients reduce operational risk and enhance execution strategies across multiple asset classes.

Our suite of independent electronic trading solutions includes unique management tools, performance analytics, back-office reporting, flexible counterparty connectivity, integration services and one of the fastest electronic trade executions available. eExchange is designed to assist brokers, hedge funds, money managers, corporations and central banks.

 ESP (Executable Streaming Prices)

Live, streaming, executable bids and offers are available for instant execution on our trading platform. Spot prices (in your chosen currency pairs) are displayed and refreshed in real-time, and users can trade multiple order types including Market, Limit, Stop, Reserves (Iceberg & Hidden), and Pegged with different expiry conditions. Client-defined bank lists allow clients to direct their requests to multiple counterparties simultaneously. Furthermore, Currenex lets users split and roll trades across multiple accounts and dates with the ability to place orders.

Recent ESP™ Order Enhancements
Advanced Orders include conditional orders, execution algorithms and pegged orders. They are unique in that the order is managed by an advanced order service that will act as an intermediary between the trader and the market. This service will act as a holding place for orders that aren’t yet marketable, such as legs of If Done or If Done OCO orders. The service will also manage the rate changes necessary to keep pegged orders at the appropriate market rate.

Stop Orders
a. Stop Triggers
b. Stop Limit Orders

Conditional Orders
a. Conditional Order – If Done Orders
b. Conditional Order – One Cancels Other (OCO)
c. If Done OCO

Pegged Orders
a. Pegged Order – Offsets
b. Pegged Order – Discretion.
c. Pegged Order – At-Or-Better.
d. Pegged Order – Protected Peg.

Execution Algorithms
a. TWAP Fixed Time
b. TWAP Fixed Slice
c. Floating Passive
d. Floating Aggressive
e. TWAP Randomized
f. TWAP Randomized Market Participation

Other Enhancements
a. Partial Fill
b. Minimum Amounts

Net & Roll Enhancement
A new interface allows customers to net multiple spot trades of a single currency pair and value date down to a single exposure, and then roll this position forward utilizing a Swap RFS trade. The near leg of the swap will offset the original trade(s). The Swap RFS can be submitted to the original bank or to a group of banks if the customer is in a multi-bank environment. By utilizing Net & Roll, customers can receive competitive rates for their roll transactions.

VWAP
The VWAP feature provides enhanced quote information for the New York, London and Tokyo markets. VWAP is the Volume Weighted Average Price and is calculated as a 5 minute rolling average. It is found to the right of the big figure. VWAP also provides the open, high, low and close for the top ten currency pairs. The opening and closing is the VWAP at 8:00 AM and 5:00 PM local time, respectively, for each market.

Staged Orders
Staged Orders is a new order upload and order management system for clients who require specific risk controls in their FX trading platform. Order staging creates separate and independent roles. A “Submitter” has the ability to upload Staged Orders (parent) to the Currenex platform but does not have the ability to submit orders to the Currenex marketplace for execution. A “Trader” can select a Staged Order to ‘work’ and then create a Trading Order (child) for execution. A Trader cannot upload Staged Orders, and trading privileges are restricted to entering only Trading Orders linked to previously submitted Staged Orders.

Other features:

Rapid, simple integration with dealing and back-office systems
Automated prime broker give-up and credit monitoring
Resting limit orders filled automatically
Straight Through Processing
White Label trading solutions
Fully ASP supported – upgrades and enhancements provided automatically
Customisable User Interface: resize/hide individual components of the service.
Trades Monitor: organise, locate and act on trades and orders at various stages of the trading lifecycle.
Messages Monitor: alerts users to changes in the status of orders and pending actions, allowing you to quickly take the appropriate action to complete a trade.
Templates and Drafts: One-click display enables you to monitor the market and send trade requests; set alarms to notify you when specified currency pairs reach user-defined levels.

Price Takers:

Instant trading and execution
24-hour, liquid market and tight spreads
Intuitive, flexible user interface; detachable, live snapshot of liquidity
Trade Status Area – to view order placement and execution notification offers unprecedented visual access to the status of pending deals, done deals, and resting orders; gives users the ability to rapidly modify or cancel individual active orders, and complete partial fills.
Advanced Market Depth choices for ESP™ – Standard (set in preferences), Consolidated (aggregated price and amount available), and VWAP (volume weighted average price).
Credit Limit button – displays the users credit limit(s) and how much has been used. The button itself will also change color to alert users as credit limits are approached or exceeded.
User defined One-Click trading buttons
Enhanced Daily Spot Positions Tab now shows currency pairs by base AND term amounts; average price of all Spot buys and sells (separately and by currency pair); net position (total long and short position by currency pair) and all in rate – the all in cost average for spot transactions, including realised and unrealised P/L in the Currenex trading day (17.00 EST to 17.00 EST).
Excel based spreadsheet trading allows the ability to have live streaming executable prices and make real-time automated trading decisions.
Access to prime broker network
Trade Templates and Drafts offer enhanced user customisation – buy-side users can easily recall pre-defined fields for frequently repeated trades.

Price Makers and Intermediaries:

Prices in any currency pair delivered according to your specifications
Flexible, real-time rates streaming – single stream to multiple customers, customized streams to individual customers
Live update of average price, net position and all in rate of day’s Spot trades (ESP™, RFS, direct and Benchmark); copy and paste data into spreadsheets
Incremental, profitable order flow opportunities
A cost effective, strategic alternative to 1-to-1 eFX systems

Request for Streaming Prices (RFQ)

Users request prices from multiple (user-defined) banks. Executable prices are presented and refreshed in real-time as banks respond.

Request for Streaming Quotes function (RFQ) allows users to request prices from multiple (user-defined) banks by clicking on the real-time streaming indicative rates displayed on new ‘Currenex Rates’ screen. Executable prices are presented for user to select by clicking on desired counterparty price OR by using ‘Accept Selected Quote’ button to hit best price available.

2-way Request for Stream quick trade button is optionally included in the ESP™ front end for rapid 2-way execution.

Multi-Bank Timed Price Request: Users request prices from multiple banks. Executable prices from all responding banks are presented simultaneously – the user selects one or none of the offered prices.

Request prices from multiple banks.
Execute FX Spots, Forwards and Swaps and Loans and Deposits with any counterparty, in any currency.
One-click Request for Stream execution
Perform post-trade actions, including rolls, amendments, allocations and settlement processes.
Match financial and settlement details with counterparties.
Customize the various components of the interface to meet trading and reporting needs. Control when and how to place trades for optimum efficiency and control.
Search, display, print and download trade ticket information and access other reports for auditing purposes and for analysis of activity.

White Label Solutions

Currenex delivers a complete end-to-end white labeled trading solution designed to help you increase your bottom line, maximize your operational efficiencies and manage your risks.

The Currenex White Label Solution includes comprehensive front-end execution services as well as strong back-end reporting systems, financial risk management tools and post-processing instruments. With Currenex cloud hosting, you can operate your own FX trading venue to aggregate and customize liquidity from multiple sources.

You can also deliver streaming prices to your traders by assigning user interfaces (UIs), such as Currenex Classic, Currenex Viking Trader and Mobile Trading (which includes access to iPhone apps), or you can access the Financial Information eXchange (FIX) protocol for a custom integration.

Currenex White Label Solution Workflow

Aggregate Liquidity
Currenex aggregation technology delivers access to multiple sources of liquidity, including proprietary liquidity sources. This technology enables you to customize your offering as you see fit. And because Currenex is connected to more than 60 banks, integration with existing counterparties is easy. To the extent you have established trading relationships with counterparties on Currenex, you can also source liquidity obtained on the Currenex platform from such counterparties.

Stream Prices to Traders
With the Currenex White Label Solution you have a variety of options for streaming prices to your traders from an institutional-grade UI for professional investors to a more conventional application catering to the retail market. All options are branded and provide real-time bids and offers, multiple order types, integrated algorithmic models and chart trading via our proprietary executable streaming price (ESPTM) patented technology.

Currenex streaming options include:

Currenex Classic
UI designed for institutional traders with the expertise to trade quickly and efficiently on a wide range of currency pairs using a variety of order types, adaptable charting, and comprehensive accounting and position tracking. Currenex
Viking Trader
UI geared toward retail traders, with a wide range of currency pairs available, adaptable charting, support in multiple languages, real-time news, more than 40 technical analysis tools, and comprehensive accounting and position tracking.
Mobile Trading
Traders can access a universal mobile trading application or download the latest iPhone application to view and place orders on their accounts.
FIX Protocol
Application Programing Interface (API) offered for direct connections to Currenex.

You can configure multiple streams and autodealing preferences within the Currenex platform through the following three UIs:

Currenex Margin Risk Manager
The Currenex Margin Risk Manager is a feature-rich, comprehensive margining system that provides you with control of risk parameters and leverage for your traders on a trader-by-trader and currency-by-currency basis.
Currenex Intelligent Pricing Service (IPS)
The Intelligent Pricing Service (IPS) is Currenex�s liquidity risk control system for configuring automatic spread logic and position risk management capabilities. IPS allows you to set spreading parameters for each source of liquidity on a per-currency pair basis, then aggregates those streams into a central order book where settings may be specified for each of your traders. Additionally, IPS provides real-time statistical reporting on liquidity providers and trader positions.
Currenex Hub Admin Tool
The Currenex Hub Admin Tool is an account management application for controlling how your traders interact with your FX offering.
Optional Solutions
Currenex provides customized functionality in response to your regulatory and business requirements. We offer a variety of add-on services, including: Tools for Introducing Brokers This feature allows you to add a new introducing broker (IB) and adjust the types and sizes of commissions paid. Money Manager Functionality This option lets you assign an individual money manager the ability to place orders and execute trades that are then allocated in a pre-defined proportion to one or more client accounts.

Orders

The Currenex service includes flexible, automated order functionality within both the RFQ (Request for Streaming Quotes) and ESP™ trading options. Automating the order process improves trading efficiency and accuracy by eliminating errors (and potential disputes with counterparties), saving time (no need for phone confirmation that an order has been filled) and streamlining the confirmation process. Placing orders via Currenex enables complete trading records to be maintained electronically for ease of reporting and monitoring.

On the Currenex service, users can place Limit, At Best and Stop Loss orders exclusively with user-defined bank counterparties. ESP™ Limit Orders are filled automatically by the first counterparty bank to stream a price that matches the order.

For instance, the iceberg and hidden order types allow a trader to place a large order without alerting the marketplace of the true size of their order. With an iceberg order, you specify exactly how much of your order you want to display. With a hidden order, while your order is still in the market, no part of the order is visible to any of the market participants.

Spreadsheet Trading

In response to demand from its hedge fund clients, Currenex has added Microsoft Excel based Spreadsheet Trading to compliment its existing Execution and Order Management suite. Clients can now build their own models in Excel using Microsoft Visual Basic. It is now possible to:

Have live streaming executable prices in Excel
Make real-time automated trading decisions from Visual Basic
Download executed trades into Excel
Real-Time Mark to Market positions in Excel
Calculate real time P & L
Send multiple order types (Limit, Stop, Market) with different expiry conditions
Send blocks of orders in batch mode from Excel

Loans and Deposits

Trade Loans and Deposits and conduct management analysis and reporting activities via multiple pricing mechanisms such as Multi-bank Price Requests, Exclusive Price Request and Orders. Buy-side and sell-side clients achieve operational efficiencies through effecting a greater percentage of their financial transactions through a single, secure electronic service.

Increased efficiency and ease of use:

Integrated and seamless STP for the complete trading lifecycle including pre-trade upload, automated trading and post trade capture with amendments.
Fast, point-and-click execution.
Receive live rates in response to price requests or orders.
Instant access to all trade details and audit reports for viewing, printing, download or trade capture.
Back office support for allocations and settlement instructions.
Leverage STP efficiencies across Money Market and Foreign Exchange asset classes for the most complete integration available.

Increased financial intelligence:

Activity Report provides cumulative and breakout numbers of requests and completed transactions by counterparty.
Trade Ticket displays all agreed financial details.
Audit Report shows all quotes received and savings.

Prime Brokerage

An efficient and cost-effective way for banks to strengthen FX trading relationships with their customers, Currenex Prime Brokerage combines traditional prime broker capabilities, including trading on a prime broker bank’s credit to access better prices and deeper liquidity, with full-service FX functionality from pre-trade analysis to straight through processing.

Increased automation of the entire trading process leads to greater accuracy and less manual intervention in trading processes. Instantaneous, user-defined reporting and position management is another advantage along with auditable trading records that meet management and fiduciary reporting requirements. Access to sophisticated analytical and risk management tools is yet another benefit.

View Prime Brokers already integrated to Currenex.

For customers

Access to deeper liquidity and better prices
Automatic execution on live, streamed prime broker bank prices; elimination of pre-transaction requests for quote
Accurate, automated give-up notification and confirmation
Seamless, straight through clearing and settlement options

For Prime Brokers

No charge for give-up tickets
Manage customer credit in real-time with sophisticated options
Anonymous or disclosed Prime Broker dealing options
Automatic application of spreads to streamed, executable prices on customer-by-customer basis
Real-time check of daily limits
Application of defined and flexible trading parameters
Enhanced control over customer’s FX trading activity
Private label service options
Integrate directly to Currenex or via 3rd party hub such as Traiana

Technology

Technology is Currenex’s core competency. Currenex’s technology leadership supports the continual development of innovative, client-focused solutions that meet your trading needs.

Currenex develops and deploys its own technology, using state-of-the-art systems and software to ensure that clients enjoy an efficient, reliable and secure Internet-based service for executing foreign exchange transactions. Currenex controls the technology that underpins Currenex’s financial platform. As such, programmers and project teams can respond to development and systems issues in real-time, without relying on third-party providers and consultants.

Currenex technology optimizes the FX workflow processes end-to-end, using flexible templates, JAVA Swing and web applications that enable members to trade more efficiently and effectively in an online environment.

Currenex implements comprehensive security measures at every step of the trading process to ensure the complete protection of user data and full member confidentiality.

Currenex takes pride in its quality of service by delivering availability and reliability of all of its services at least 99.9% of the time, around the clock. The Currenex service is designed to ensure that there is no single point of failure in any system. Currenex proactively manages network capacity and latency, as well as supporting members with state-of-the-art disaster recovery systems. By maintaining mirrored systems and databases in different geographic regions of the US, Currenex ensures that members can continue trading and that their data is protected in the event a failure occurs.

Currenex technology is designed for ease of implementation. Currenex partnerships with leading systems vendors and in-house development teams facilitate integration with off-the-shelf, custom and proprietary systems to offer members complete STP solutions.

Security

Security is afforded the highest priority by Currenex; we have implemented comprehensive security measures at every step of the trading process to ensure the complete protection of user data and full member confidentiality. Currenex uses strong encryption protocols – including digital certificates used by most major financial institutions for electronic funds transfer – to protect client trade data and bring real-time visibility to the entire trading process.

All activity on Currenex’s services is controlled through strict authentication and authorization procedures. To meet stringent compliance requirements, front and back office duties are completely segregated.

Permissioning

Currenex provides several levels of permissioning to achieve separation and ensure strong, auditable procedures. Clients can choose to restrict individual User IDs to specific system functions, including the limiting of trading activity by type or dollar amount. Similarly, clients can restrict back office staff from performing front office functions without proper authorization. Once user accounts are established, ongoing maintenance is controlled by your own system administrator.

Exchange Security

Currenex works tirelessly to ensure that members enjoy secure electronic communications. In order to achieve this, Currenex is focused on three key factors:

Authentication – confirming and identifying users
Message integrity – ensuring communications are not altered in any way
Message privacy – encrypting each message to maintain confidentiality

Currenex employs a two-factor authentication model that requires users to present a valid digital certificate, unique User ID and password to log on to Currenex’s services. In order to maintain the integrity and confidentiality of communication to our clients, all connections to Currenex’s services are conducted across mutually authenticated 128-bit RC4 encrypted SSL sockets.

Data Center Security

Currenex maintains a primary and secondary data center, each in geographically independent environments, managed by different service providers. Both centers employ strict on-site security controls, including 24/7 staffing, sensors, intrusion alarms, biometric scanning of technicians, and video surveillance systems. Furthermore, to ensure high availability and scalability of our services, Currenex has built the trading infrastructure with multiple redundancy to ensure no single point of failure. These provisions include:

Multi-homed ISPs for redundant network connections
Redundant routers and load balancers
Multiple application servers for web access and business logic
An enterprise-class database, with redundant subsystems
UPS protection and onsite power generation capability through diesel generator backups
Rapid failover capability between primary and secondary data centers

In addition to physical network security, Currenex employs extensive network security defences including:

Redundant firewall systems
Multiple intrusion detection facilities
Host integrity monitors
Real-time third party security monitoring

API Integration

Currenex is a driving force behind integration standards such as FIX and is committed to ensuring an efficient and open marketplace for all participants. Clients using custom-designed automated pricing engines, order-routing and management systems, program trading systems and off-the-shelf modelling software can work with our dedicated implementation teams to integrate these proprietary systems directly with the Currenex service. A rigorous test environment and extensive API integration expertise ensure that integration time-frames are minimized and trading efficiency is enhanced.

FIX
Currenex provides its customers with a high-speed multi-bank FIX gateway (using the FIX 4.2 protocol). This gateway allows customers to access market data (with full depth of book) and to manage orders. The Currenex FIX protocol specification is available to customers upon request. Currenex provides FIX customers with a full integration environment which includes live market data. Additionally, Currenex assists customers with throughput and protocol conformance testing.

Currenex remains active and committed to the FIX standard and is represented as the Co-Chair of the FIX Global Foreign Exchange Committee (GFXC). For more information on the generic FIX protocol go to http://www.fixprotocol.org.

Bank integration
Currenex works in partnership with leading auto-pricing technology suppliers to provide APIs to connect to vendor-supplied, off-the-shelf auto-quote systems. In most cases, banks using vendor-supplied systems can very speedily integrate with the Currenex service. FXintegrate Autoquote API enables banks to connect to auto-pricing engines including Cognotec, to deliver auto and manual prices to their own customers for execution.
Prime Broker and STP Integration
Currenex provides prime brokers and STP partners with automated notification of fully matched give-up trades at no charge. Currenex also provides a fully documented XML schema that describes customer trade flows for all supported transaction types. Clients have the option of several connection protocols including XML/HTTP (Push), XML/HTTP (Pull), XML/MQSeries, and XML/SMTP(email). Various authentication and encryption options are also available.  Additionally, Currenex provides its partners a fully functional test environment for STP simulation.

 

 

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