SWIFT expands FX portfolio with new Business Insights information service
HSBC is first to adopt the new service, which provides for the ability to measure performance over time based upon activity share
Sibos - Geneva, 27 September 2016 – SWIFT announces today that HSBC is the first customer to use its new FX Business Insights information service. The new FX service from SWIFT allows its customers to continuously measure their FX business performance and make more informed strategic decisions, based on metrics derived from actual transactions rather than survey-based information.
FX Business Insights is derived from SWIFT messaging that supports the legal confirmation process for the global FX markets. The FX transactions confirmed over SWIFT cover more than 133 currencies across 219 countries and territories, and represent the broadest and most complete view of FX market activity.
Designed primarily with major market makers in mind, the product offering establishes new industry benchmarks. In developing the offering, SWIFT has consulted with trading and business management at a number of Tier 1 Investment Banks and is delighted that HSBC has become the first customer of the service.
Frederic Boillereau, Head of Global Foreign Exchange & Commodities and Head of Global Markets Corporate Services at HSBC said, “SWIFT has a unique data set and the aggregated data and insights they produce are valuable additional information for HSBC, and are helping us in our goal to constantly improve our client proposition”.
Keith Tippell, Managing Director, Head of Securities and FX Markets at SWIFT said ,“While SWIFT’s FX confirmation messaging service continues to grow, with now more than 8,300 users, it’s important for SWIFT to innovate and to focus on value-added services such as this new information product. We are delighted that HSBC have adopted this offering and we look forward to engaging with a wide range of market participants regarding this and other information products”.
FX Business Insights is based on aggregated anonymised data and is subject to SWIFT’s strict guidelines on what information can be shared, in order not to compromise the confidentiality of SWIFT data and prevent indirect identification of peers.
SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging, standards for communicating and we offer products and services to facilitate access and integration; identification, analysis and financial crime compliance. Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.
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