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The value of standards in the FX market

The value of standards in the FX market

12 June 2019 | 2 min read

New paper by Swift emphasises need for greater automation

The global FX market, which trades in 180 currencies and in large volumes, cannot operate without high levels of automation.

With millions of confirmation messages exchanged every trading day between counterparties, discrepancies can lead to thousands of potential settlement failures.

Swift is leading industry efforts to increase automation levels in the FX market through better standards, with the aim of removing barriers that hinder the exchange of information and to enable straight-through processing.

Ironing out inefficiencies

Our paper The value of standards in the FX markets calls on the industry to collaborate further to identify bottlenecks, inefficiencies and manual processes that can be eradicated through a common approach and higher levels of automation.

Working with the FX industry, Swift is determined to drive through improved standards to iron out the areas that still create unnecessary costs, delays and risk that hamper the market.

Juliette Kennel, Head of Securities and FX Markets, Swift

Supporting the community

To meet the evolving demands of new instruments, products and regulatory requirements Swift continuously adapts its messaging standards to ensure the most efficient operation of the FX market.

Swift’s 2019 Standards Release heralds new changes to facilitate the automation of the matching process that enables an FX trade to be confirmed, saving counterparties time and money repairing data.

Further standards evolution is required to keep pace with the commercial, operational and regulatory changes affecting the global FX market to ensure continued efficient operation.

Find out more in The value of standards in the FX markets.

The value of standards in the FX markets