Russell Investments’ RFX Network receives certification for Charles River Network Service

Portfolio management specialist Russell Investments has announced that its RFX Network is now a certified end point on the Charles River Network Service, expanding RFX Network’s real-time connectivity to the global financial community. This development bolsters liquidity in the cutting-edge alternative to the London fix.

RFX Network, our end-to-end trading solution for the buy-side community, features executable streaming prices, advanced netting, client-to-client matching and allocation of FX transactions. It is designed to help institutional investors including asset managers minimize currency exchange tracking error. This addresses industry concerns about the London fix and also allows institutional investors to trade at non-fixing times. The Charles River Network supports electronic trading via the FIX messaging protocol to over 600 global liquidity venues including brokers, multi-broker trading venues, crossing networks, broker algorithms, program desks, dark pools, smart order routers, ECNs, and ATSs.

Joseph Hoffman, director, global head of currency for the investment services group at Russell Investments, said:

Connecting to the secure, reliable Charles River Network is an important milestone for RFX Network. We’re very pleased that Charles River Network participants can now access what we believe to be the next step in the evolution of FX trading for the investment community.

RFX Network allows buy-side firms to automate execution of complex trade lists with an advanced solution that combines internal netting within an investor’s trading portfolio with external matching amongst the larger buy-side community. RFX Network combines three technology solutions — powerful internal netting capabilities, an FX facility that matches customer interests at the midrate, and advanced trading algorithms  — into a comprehensive FX execution service. Participants can benefit from advanced netting, process automation and best execution while minimizing market impact of their orders. Investors can place orders electronically into RFX Network or have Russell Investments’ process them on their behalf. Fixing orders are matched with other investors, while any unmatched residual is executed by a trading algorithm that mimics the fixing process to minimize tracking error.

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