Financial Tradeware, provider of Portfolio and Fund Management Straight Through Processing (STP) solutions for investment managers, fund managers and hedge funds, today announced London based foreign exchange provider Caxton FX Ltd., has joined the EGP/Financial Tradeware Member Administered Closed User Group (EGP/FT MA-CUG).
The rapidly expanding foreign exchange business brings challenges to improve service to customers and keep operating costs down. As a member of the EGP/FT MA-CUG, Caxton can retain its independence and choose the counter parties with whom it will trade and at the same time, automate of the processes of FX trading, payments and account reconciliation to increase efficiencies and reduce operational costs. The Caxton FX three step process for clients, sign up, confirm rate and execute delivery is simple and effective. They rely on their IT systems to support the efficient execution of all their deals and retain a complete set of auditable electronic records.
Rupert Lee-Browne, Chief Executive of Caxton FX comments "At Caxton we deliver a first class service to our clients. Our skilled team has to focus on growing and servicing our business: they don't want to become embroiled in IT issues. The EGP/FT MA-CUG is an excellent opportunity to achieve the efficiencies and cost savings as we further expand our business. The Financial Tradeware team have demonstrated a clear understanding of our challenges and their solution makes good business sense."
Using the SWIFTNet infrastructure and evolving set of complementary messaging services, starting with FileAct, Caxton FX will be able to access a single, secure communication channel to send and receive standardised payments, foreign exchange and statement messages - automatically or manually - to and from the MA-CUG Service Administrator, who has direct access to their various correspondents through the SWIFTNet network of more than 7500 financial counterparties.
As a participant of the EGP/FT MA-CUG, Caxton FX users will benefit from:
- Single window to SWIFTNet
- Cost-effective corporate connectivity
- Independence (Choice of services and correspondents)
- Optimisation of the communication to financial counterparties
- Enhancement of client service
Financial Tradeware represents the Service Administrator of the MA-CUG, the Service Sponsor is Bordeaux-based Europienne de Gestion Privie SA - a company owned by the same group of companies and sharing the same management of Financial Tradeware.
Graham Bright, Managing Director of Financial Tradeware adds "After being introduced to Caxton FX by SWIFT in London, it was clear to all parties that our MA-CUG offering was an ideal solution for them. Like other specialist financial services companies, their time is best spent on developing and servicing their business. The MA-CUG offers a cost effective IT infrastructure to support their needs and will scale with them as they grow. We look forward to a long and mutually beneficial relationship with Caxton FX."