FXall Enhances Settlement Center
FXall has enhanced its Settlement Center product to meet the needs of asset managers who settle trades on a net basis.
First Published by e-Forex News: October, 2003
FXall has enhanced its Settlement Center product to meet the needs of asset managers who settle trades on a net basis. Asset managers can now automate their confirmation and netting workflow with both their banks and custodians. For confirmation, Settlement Center provides automated matching and settlement instruction notification. Following confirmation, Settlement Center uses FXalls SSI Database to send an MT304 over SWIFT to the custodian.
Settlement Center Netting allows the customer to calculate and submit netting requests for all accounts to all its banks with a single click. Following acceptance of the netted totals by the bank, Settlement Center sends MT202s and MT210s over SWIFT to the custodian. Corporate customers can also use Settlement Center for matching and netting, but do not need to send custodial notifications.