The Cürex Group, a New York City-based institutional foreign exchange execution services and data analytics company, announced today its plan to introduce additional functionality to its pre-trade analytics platform. The new capability will allow Cürex’s customers to prove their compliance with MiFID II’s mandated pre-trade market check through a time stamp provision, which provides recorded proof that the market check took place before an FX trade was executed.
Commenting on this technology innovation, Jamie Singleton, Cürex Group Chairman and CEO said:
Our pre-trade time stamp is an immediate game changer for institutions struggling with this difficult requirement. MiFID II’s best execution mandate includes a required pre-trade market check that is both systematic and embedded in the client’s policies and practices. In addition, institutions are required to keep records that both prove their compliance and provide them the basis to improve their practices over time.
Singleton explained that Cürex’s pre-trade market check time stamp will be included both on each client’s FX trade confirmation and in end-of-day trading reports that Cürex provides to its customers. Cürex’s unique pre-trade analytics are derived from live, streaming and only executable no last look prices and include a live spread development report, a historical spread report and a live volatility report. Customers have easy access to analytics via the web, which eliminates difficult technical integrations that are both time and money consuming.
Cürex has built simple yet powerful pre-trade tools that allow our customers to survey current FX market conditions for 200 currency pairs with complete anonymity before they trade. Now we provide them and their compliance departments with the documented proof – systematically delivered – that they complied with MiFID II’s best execution mandate and its specific pre-trade market check requirement.
Cürex also delivers post-trade analytics that enable its customers to benchmark trades against the live, streaming FTSE Cürex FX Benchmarks and are time stamped to the microsecond.
Cürex has dedicated itself to delivering best execution outcomes to our buy side customers. Our end-to-end analytics, when combined with our no last look, streaming liquidity pool, give our buy side customers insurance that they have complied with the demanding best execution requirements of MiFID II.
No other FX ECN delivers the full spectrum of compliant products and services that we have built,” Singleton concluded.