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The FX market has always dealt with fragmentation and complexity. But in order to modernise, does the industry need a wholly new model?
The FX market has gone from a position of strength in pioneering trade automation to lagging behind the other OTC asset classes in post-trade processing. While the credit, interest rate and equity derivatives markets have benefited from the greater use of standards and centralised solutions for more than a decade, the FX market is still grappling with challenges such as trade confirmation, options exercise management and, more recently, centralised clearing and regulatory reporting.
eForex magazine sits down with market leaders to explore the continuing work toward modernisation in the post-trade FX world.
Chris Davis, vice president of FX and cash management for Broadridge, discusses the potential to capitalise on the mutualisation model to ease the burden of operational pressures and shrinking ROE and empower transformation. He cites Broadridge’s recent white paper, FX Operations: The Next Frontier for Mutualisation.