SGX’s BidFX integrate Finastra’s fusion confirmation matching service

BidFX, a cloud-based provider of electronic FX trading solutions for institutions, has announced a partnership with financial services software provider Finastra.

The collaboration will see BidFX integrate Finastra’s Fusion Confirmation Matching Service (CMS). The wholly-owned subsidiary of SGX Group says this partnership enables its users to access an industry-leader in confirmation matching solutions for foreign exchange, money market, FX and exotic options, commodities, and deposit transactions, amongst others.

Finastra’s CMS has over 1300 clients worldwide. It operates as a multi-bank, multi-asset class solution providing a single-window for all post-trade confirmation requirements. It is delivered as a Software-as-a-Service (SaaS) application that requires no upfront investment.

BidFX CRO, John McGrath said the alliance with Finastra offers increased workflow benefits for mutual clients in a win/win project for all parties. “As eFX markets become more sophisticated and workflow-based projects become paramount to generating alpha we are happy to work with innovators such as Finastra and the clients they service,” he added.

Jacques Delaunay-Driquert FX Trader at VARO Energy added that the Finastra integration with BidFX increases the automation capacity for a trading platform, without requiring customer resources.

“We’re delighted to have integrated with BidFX, adding another electronic trade execution partner to our portfolio. Offering more choice to our customers in this way aligns perfectly with our marketplaces strategy. This end-to-end workflow for BidFX via our CMS solution increases straight-through processing and reduces operational risk for our mutual customers,” commented Claire Clarke, Senior Sales Manager at Finastra.

After five years operating as a division of TradingScreen, BidFX has emerged in 2017 as a standalone business focused on delivering a workflow solution for FX. Three years later, Singapore Exchange (SGX) paid nearly $128 million to buy the 80% stake it does not own in BidFX. The transaction came as SGX was seeking to build its presence in foreign exchange futures and the over-the-counter market. SGX also acquired MaxxTrader from FlexTrade Systems, a multi-asset execution and order management systems provider, for $125 million.

BidFX solution allows FX traders to access a neutral execution management system (EMS) platform that can source liquidity and deliver on best execution requirements all from the same screen or API.