INTL FCStone, an American currency and commodity trading firm, has launched the FXePrice platform to automate foreign exchange price discovery in emerging markets. The system replaces manual processes by utilizing its network of 350 global correspondent banks to provide instant electronic price discovery.
The platform currently serves 52 users across 17 institutions, facilitating trading in 12 exotic currencies around the clock. It allows correspondent banks to transmit real-time local currency rates electronically to INTL FCStone's Global Payments Division, integrating with counterparties' straight-through-processing systems for efficiency.
Murielle Magayane, Chief Dealer at Bank of Africa Uganda, praised the platform as "very easy to use and reliable." The solution enables users to stream foreign exchange prices directly into their trading workflows.
