Financial risk management company Reval integrates FXall into platform; it’s all about the STP.
With its recent announcement of the completion of a project to integrate online trading portal FXall’s functionality into its own system, Reval has formalized a relationship begun years ago. Back in 2002, FXall and FXpress, which Reval acquired in 2009, got together to offer full pre- and post-trade straight -through processing (STP).
In the announcement, Reval said that it has integrated FXall’s reporting, control and settlement capabilities, as well as the liquidity of FXall’s provider banks into its own software-as-a-Service (SaaS) offering for “managing each stage of the financial risk management business process.” The updated tie-up is now available through Reval 10.1, the company’s most recent release.
The reason for making the relationship more formal (vs. what existed before — see related story here) was to make sure the two companies were on the same page when it came to the evolution of the products and its further development. “FXpress had an informal relationship with FXall and FIRST system that incorporated some of the enhancements that we added to our Reval 10.1 release,” Reval said in a statement. “The Reval relationship with FXall is a formalized relationship incorporating product, development and relationship management to ensure we develop, release and evolve the interface as the products continue to grow.”
This will also ensure the two companies’ commitment to STP, according to Justin Brimfield, a senior VP of business development at Reval. And this will be reflected in Reval’s latest release, the company said. Corporate FX traders will be able to access “two-way executable prices simultaneously from multiple counterparties” through the user interface, deal on a live price, and receive immediate acknowledgement. Trades then flow into Reval’s industry-leading valuation and hedge accounting engines, and into FXall’s Settlement Center and confirmation-matching service.
“STP is critical for every corporate treasurer we deal with,” said Jim Kwiatkowski, head of sales, Americas, at FXall. So it is also critical that everything matches up, efficiently and securely, he said. This can only happen when traders “know that the details of the trade they initiated in their accounting system are the same when the trade gets sent out to the market and the same one that gets reported back to their system after execution.”