Goldman, Sachs & Co. ) and FXpress Corporation jointly announce the launched of a real-time link connecting Goldman Sachs’ WebETsm system with FXpress’ foreign exchange risk management system, delivering the first true straight through processing (STP) to their mutual clients.
This new application creates a seamless process from identification of currency risk exposure and FAS 133 tracking through trade execution. This is the only "true STP" facility that exists in the FX marketplace and is a truly integrated process rather than a file transfer protocol.Furthermore, this design reduces operational risk by allowing FXpress™ clients to communicate directly with Goldman Sachs’ website, minimizing trading errors.
Any mutual clients of FXpress and Goldman Sachs can trade foreign exchange using this fully integrated application.
"This product is ideally suited for our corporate clients as they focus on monitoring their foreign currency exposures and FAS 133 reporting", said Don Lee, Managing Director of E-commerce at Goldman Sachs."These clients can now easily layer trading functionality into their existing reporting and monitoring process."
Bob Richardson, Managing Director of FXpress Corporation stated: "This represents a major breakthrough in the way corporations manage their foreign exchange exposure and hedging portfolios. From the identification of the underlying exposure, through the hedging, confirmation and accounting that is required, it’s a single, seamless process. The interface between Goldman Sachs’ WebET sm FX system and the FXpress foreign exchange risk management system is a powerful combination for our mutual clients."
The ability to trade directly on FXpress allows us to quickly and easily trade, while maintaining a full record of notes and information on the contract and the underlying currency exposure, says Catherine McNerney at Becton Dickinson.