GlobeOp Financial Services is to offer connectivity to Currenex's electronic foreign exchange platform via its GoMarkets hedge fund trading platform.
GlobeOp's clients will now be able to access Currenex's premier multi-dealer electronic solution for foreign exchange trading, where previously they might have been limited to trading via phone or required to access multiple electronic platforms from various dealers.
They will be able to conduct foreign exchange trading electronically by accessing Currenex's FX trading platform directly through GlobeOp's client Web interface. Direct connectivity to Currenex will enable GlobeOp's clients to realize increased efficiencies through straight-through-processing (STP) of FX trades via Currenex.
Through connectivity via GoMarkets, Currenex's participating market makers can expand their service to GlobeOp's hedge fund clients and a large and diversified buyside community, accounting for a significant share of the daily global foreign exchange market. The Currenex platform facilitates trading in spot, forward and swap, foreign exchange.
"The addition of Currenex's e-FX trading platform to our GoMarkets service enables GlobeOp to offer its clients an industry-leading foreign exchange execution service with STP benefits," says Hans Hufschmid, chairman and chief executive officer of GlobeOp. "Increasingly, by adding quality partners such as Currenex, GlobeOp is growing to become strategically more important to our clients, who look to us for a broader range of hedge fund support solutions."
Clifford Lewis, chairman and chief executive officer of Currenex, adds: "The agreement with GlobeOp provides Currenex with the opportunity to serve GlobeOp's extensive client base of hedge funds and their significant volume of foreign exchange trading. We are pleased to be associated with the GlobeOp suite of services. This partnership provides many benefits to Currenex and GlobeOp, GlobeOp's hedge fund clients and Currenex liquidity providers through the integration of our e-FX platform with GoMarkets."
Background notes: GlobeOp is a provider of fund administration and related support services for hedge funds, fund of funds, and high net worth family wealth offices.
Currenex, Inc. is a leading provider of foreign exchange and money market trading solutions to banks, funds, corporations and other market participants.
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