PFG Currenex
Features
ESP™ (Executable Streaming Prices)
Live, streaming, executable bids and offers for instant execution. Spot prices (in your chosen currency pairs) displayed and refreshed in real-time on a single screen.
Iceberg and Hidden Orders
The iceberg and hidden order types allow a trader to place a large order without alerting the marketplace of the true size of their order. With an iceberg order, you specify exactly how much of your order you want to display. With a hidden order, while your order is still in the market, no part of the order is visible to any of the market participants. These new order types are available on the Spot ESP Market page. Simply right click on the Bid or Offer icon on the currency pair you are looking to trade. The ESP Order ticket will pop up and you will be able to specify Iceberg or Hidden in the Order Type. In order to use these new order types, you must be entitled. Please contact Customer Support for assistance.
Cancel & Rebook
The cancel & rebook feature allows clients the ability to send their prime brokers the trades they would like to aggregate. Clients must have an existing agreement established with their prime brokers in order to use this feature. In order to cancel & rebook, each trade must have the same prime broker, currency pair, traded currency, value date and must be on the same side of the market (buy or sell). Buys and sells on the same currency pair cannot be netted out. In order to use Cancel & Rebook, you must be entitled. Please contact Customer Support for assistance. Access to the Cancel & Rebook functionality can be found on the Toolbar by clicking on the "CR" icon or in the Trading menu under "Cancel & Rebook Trades".
Spot Position Filters
The spot position filter allows you to filter the data presented on the Spot Position tab within the Trades Monitor. This feature allows you to filter by Counterparty, Trader and Sub/Fund. You can also choose to exclude Cancelled/Rebooked Trades. In order to filter the spot position in the trade monitor, select Preferences under the Setup menu, then click on the Spot Position tab. Drop downs will be presented to allow you to choose a specific Counterparty, Trader and Sub/Fund. Clicking on the check box will exclude Cancelled/Rebooked Trades.
VWAP
The VWAP feature provides enhanced quote information for the New York, London and Tokyo markets. VWAP is the Volume Weighted Average Price and is calculated as a 5 minute rolling average. It is found to the right of the big figure. VWAP also provides the open, high, low and close for the top ten currency pairs. The opening and closing is the VWAP at 8:00 AM and 5:00 PM local time, respectively, for each market.
In order to access VWAP, you must be entitled. Please contact Customer Support for assistance. Once entitled, you may activate VWAP by selecting Preferences under the Setup menu, then clicking on the check boxes for each market center in the VWAP section of the Trading tab.
Other features:
- Rapid, simple integration with dealing and back-office systems
- Automated prime broker give-up and credit monitoring
- Resting limit orders filled automatically
- Straight Through Processing
- White Label trading solutions
- Fully ASP supported - upgrades and enhancements provided automatically
- Customisable User Interface: resize/hide individual components of the service.
- Trades Monitor: organise, locate and act on trades and orders at various stages of the trading lifecycle.
- Messages Monitor: alerts users to changes in the status of orders and pending actions, allowing you to quickly take the appropriate action to complete a trade.
- Templates and Drafts: One-click display enables you to monitor the market and send trade requests; set alarms to notify you when specified currency pairs reach user-defined levels.
Enhanced Request for Streaming Prices (ERFS)
Flexible trading solutions:
Multi-Bank Streamed Quote (Fast Quote): Users request prices from multiple (user-defined) banks. Executable prices are presented and refreshed in real-time as banks respond.
Enhanced RFS (Request for Stream): Users request prices from multiple (user-defined) banks by clicking on the real-time streaming indicative rates displayed on new 'Currenex Rates' screen. Executable prices are presented for user to select by clicking on desired counterparty price OR by using 'Accept Selected Quote' button to hit best price available.
2-way Request for Stream quick trade button is optionally included in the ESP™ front end for rapid 2-way execution.
Orders
The Currenex service includes flexible, automated order functionality within both the ERFS (Enhanced Request for Streaming) and ESP™ trading options. Automating the order process improves trading efficiency and accuracy by eliminating errors (and potential disputes with counterparties), saving time (no need for phone confirmation that an order has been filled) and streamlining the confirmation process. Placing orders via Currenex enables complete trading records to be maintained electronically for ease of reporting and monitoring.
On the Currenex service, users can place Limit, At Best and Stop Loss orders exclusively with user-defined bank counterparties. ESP™ Limit Orders are filled automatically by the first counterparty bank to stream a price that matches the order.
For instance, the iceberg and hidden order types allow a trader to place a large order without alerting the marketplace of the true size of their order. With an iceberg order, you specify exactly how much of your order you want to display. With a hidden order, while your order is still in the market, no part of the order is visible to any of the market participants.
Spreadsheet Trading
Have live executable prices in Excel. Make real-time automated trading decisions from Visual Basic. Download executed trades into Excel. Real-Time Mark to Market positions in Excel. Calculate real-time P&L. Send multiple order types (limit, stop, market) with different expiry conditions. Send blocks of orders in batch mode from Excel.
Reporting and Monitoring
At the click of the mouse, Currenex reporting services provide users with comprehensive records of trades completed, analysis of trading patterns and the ability to demonstrate to management and auditors that trades executed conform to management, regulatory and fiduciary guidelines.
- Access important transaction information readily, including trade activity reports, counterparty activity reports and settlement details.
- Add user-definable fields to each trade record in order to document information for supporting FAS 133 or other reporting purposes.
- Achieve more effective, internal tracking and intelligence and facilitates integration with Treasury Management System vendors.
- Counterparty activity reports offer a number of key metrics to assist sell-side and buy-side users assess and analyze trading patterns and volume with their counterparts.
- Price takers can access an audit report showing the quotes received for each completed trade, along with estimated savings per trade and per period of time.
Market News and Analysis
To support the trading process and enhance market awareness, planning and strategy, Currenex provides proprietary - ESP™ (Executable Streaming Prices) - and third party real-time market quotes, intra-day and historical FX rate graphs, options analytical tools, news and research. (i.e. TraderMade, Townsend Analytics, Reuters).
Tradermade International Limited has been providing real-time quotes and technical analysis services to major banks and financial institutions around the world since 1985. The Currenex service includes direct access to Tradermade's fully interactive real-time and historical FX technical analysis tools.
RealTick is the electronic trading industry's premier direct-access research and trading software. RealTick delivers real-time market data, news and analytics; sophisticated trading tools; unrivalled access to exchanges and ECNs and risk management tools to institutions, broker/dealers and individual investors. RealTick's advanced technical design is supported by state-of-the-art data centers and a redundant network for market data and orders.
Live inter-bank indicative rates are provided by leading inter-dealer brokers allowing clients to monitor the market and receive calculated estimates of counter-currency amounts automatically for each trade.