Business Solutions for the Buy Side

FX Execution

Cürex operates an ECN that is unique compared to other FX electronic market platforms. Our ECN features live, streaming and executable prices 24 hours a day, five days per week. Our liquidity providers stream their liquidity with “no last look” — a quality sought after by many asset owners, asset managers and corporations. Our ECN is exchange-like and provides equal access — every participant sees the same bids and offers for all of the 200 currency pairs that we offer our customers for trading. And our brokerage fee is low, disclosed and the same for every trade.
Cürex ECN execution features include:

  • Complete customer anonymity — a hallmark of best execution standards
  • Reliable and constant pricing throughout every part of the day
  • No last look liquidity so orders are filled completely, saving Cürex customers multiple transaction executions, usually as prices move against the client

Data Analytics

As the buy side adjusts to mandated “best execution” practices, those institutions require data analytics that enable them to perform a “market check” before they trade and deliver proof of best execution that satisfies their fiduciary obligations and the requirements of MiFID II. Such important regulatory requirements can only be met when pure, accurate data is being used in the analysis. Cürex’s data, and therefore our data analytics, is completely unique because it consists of entirely executable bids and offers, compared to the indicative and “last look” data used by others. Today there are no adequate third party providers of pre-trade support. Cürex has built a robust and reliable pre-trade suite of data analytics that meet the buy side’s “market check” requirements of MiFID II. Every Cürex customer has access to these important analytical tools. In summary, Cürex supports the buy side with:

  • Pre-trade analytics that inform our customers of prevailing market conditions for better risk decision making
  • Comprehensive metrics that support the requirement for proof of “best execution” under MiFID II
  • Post-trade analytics that prove that the price achieved was the best price available in the Cürex multi-contributor pool, and an audit tied to the FTSE/Cürex Benchmarks

Benchmarking

Cürex works in partnership with FTSE Russell to publish the FTSE/Cürex FX Benchmark and Index Series. These benchmarks are streaming calculations of currency values and also include 15-minute snap benchmarks available throughout the 24-hour day. The FTSE/Cürex benchmarks are fully executable on the Cürex ECN. Our partnership with FTSE Russell began in 2012 when the benchmarks were first published as a meaningful alternative to the antiquated point-in-time Fix benchmarks that dominated the FX marketplace. The FTSE/Cürex benchmarks are relevant to the buy side because:

  • FTSE/Cürex benchmarks provide the ability for buy side institutions to execute against a benchmark rate whenever an FX exposure is created
  • FTSE/Cürex 15-minute snaps can correlate to any global market closing, allowing for precise NAV calculations
  • Since FTSE/Cürex benchmarks are executable, it allows for precise hedging and eliminates slippage

Investment Product Support

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Cürex supports financial product issuers by providing them more efficient FX trading and associated benchmarks for their exchange traded products (ETPs). Every ETP that contains a hedge or FX overlay must be managed transparently and fairly. Cürex’s methodology for managing the FX component of ETPs relies on our transparent, streaming FX ECN and our executable FTSE/Cürex FX benchmarks. When ETP issuers choose FTSE/Cürex benchmarks, they eliminate tracking error. And when they use the Cürex ECN for required trading activity, they can enter into hedging transactions without slippage. Our solutions promote better secondary market trading and tighter spreads for buy side investors. And as market experts suggest, healthy and efficient trading results in the growth of assets under management. Using Cürex solutions for ETP support results in:

  • The elimination of FX tracking error
  • An alternative to the use of one month forwards in product construction
  • Tighter spreads and better secondary market trading