â¢ 135 asset managers now on FXall, managing $15 trillion in assets
21 February 2005 â FXall, the worldâs leading online foreign exchange platform,
today announced that trading by asset managers in 2004 had increased 146% to
\$1.036 trillion. FXallâs overall volumes in 2004 reached $4.9 trillion, up 104% from 2003. The company also reports that its total number of asset manager clients has risen to 135. These clients manage estimated total funds of $15 trillion, representing a high proportion of the funds under management in the global investment industry.
Asset managers are executing larger deals as well as trading more frequently over FXall. The average trade size on FXall has risen 83% in the last year as asset managers push higher volumes through the platform. FXall believes that this increased activity is a direct result of the asset management industry prioritising FX trading to enhance its overall performance with a focus on quality execution in every trade.
John Davis, Managing Director and Head of Operations at investment management
company BlackRock said: "FXall has allowed us to significantly enhance automation in our FX confirmation process. Implementing FXall has been a very important accomplishment for a growing part of our business." Robert Goldstein, Managing Director and Head of Client Service for BlackRock Solutions added, "The incorporation of an interface with FXall into our enterprise investment system, Aladdin(r), will provide our clients with the most efficient mechanism to process FX available in the marketplace."
Asset managers are also increasingly using FXallâs full suite of products and
services to assist them through the full deal lifecycle, including Settlement Center, which enables them to automate the post-trade workflow. Settlement Center now facilitates more than 150,000 transactions a month, with annual transaction volumes in 2004 growing 390% to 1.1 million.
Steven W. Donovan, Chief Information Officer of MFS Investment Management,
commented: "FXallâs Settlement Center enables us to achieve seamless straightthrough processing for the full deal lifecycle. We now use FXall to automate our middle and back office processes for all our foreign exchange transactions."
Phil Weisberg, Chief Executive Officer of FXall, said: "These figures demonstrate that, since going live in May 2001, FXall has become the trading platform of choice for the asset management industry. Asset managers have realised that FX trading is a core activity for them and that execution can have a profound impact on their overall fund performance. With recent advances in the technology available to them, they able to manage their workflow and operational requirements efficiently without sacrificing execution quality. We are delighted to serve so many clients in this vital sector and are continually working to improve our service to them."