BidFX and Finastra Partner to Enhance Services for Mutual Clients

BidFX announced on Tuesday its integration to Finastras Fusion Confirmation Matching Service (CMS). This will benefit the mutual clients of the companies by ensuring services will range from execution to settlement.

“Partnering with a market leader like Finastra to offer increased workflow benefits for mutual clients is a win/win project for all parties,” said John McGrath, BidFXs Chief Revenue Officer.

An Integrated Tech Ecosystem

BidFX, which is owned by the Singapore Exchange (SGX), offers an execution management system in the forex trading markets. “As e-FX markets become more sophisticated and workflow-based projects become paramount to generating alpha, we are happy to work with innovators such as Finastra and the clients they service,” McGrath added.

However, Finastra is a market infrastructure provider, with several hundreds of clients, mostly corporates and buy-side institutions. It is following an open architecture approach and is bringing a number of partners and innovators together.

Earlier in 2020, Finastra integrated the netting services of CLS to offer its clients access to a bilateral payment netting calculation service.

“We‘re delighted to have integrated with BidFX, adding another electronic trade execution partner to our portfolio. Offering more choice to our customers in this way aligns perfectly with our marketplaces strategy,” said Finastra’s Senior Sales Manager, Claire Clarke.

“This end-to-end workflow for BidFX via our CMS solution increases straight-through processing and reduces the operational risk for our mutual customers.”

VARO Energys FX Trader, Jacques Delaunay-Driquert, added: “The Finastra integration with BidFX increases the automation capacity for a trading platform, without requiring customer resources. BidFX is now increasing its automation for cutting-edge Treasuries like VARO to help integrate front-office to back-office workflow.”