Millennium Global Formally Launches MillTechFX

Currency management firm Millennium Global has formally launched MillTechFX, an independent, comparative multi-bank FX marketplace that it says reduces FX execution costs and operational burdens.

The business has been in build mode for the last 12 months, signing up 10+ market making banks to provide rates, bringing its model to market and accumulating client business from asset managers, corporates and institutional investors. Clients have traded billions of USD to date, with usage growing every month, the firm says.

MillTechFX says these types of firms have had “no choice but to suffer from significantly overpaying for their currency execution and hedging requirements as well as the operational burden of implementing and managing multiple relationships to seek best execution”. It says the new service harnesses the purchasing power of Millennium Global, which has 25 years of FX expertise, $600 billion in annual FX volume and $20 billion in assets under management, to provide its clients with preferential rates from its 10+ counterparty banks, enabling best execution via its platform and outsourced execution services. The counterparty banks include ANZ, Bank of America, BNP Paribas, Citi, HSBC, Morgan Stanley, NatWest, Standard Chartered, State Street and UBS.

MillTechFX has received a $30 million investment from VCM Global Asset Management, and City of London grandee, Sir Ronald Cohen, has also invested and joined its international advisory board. He was co-founder and executive chairman of Apax Partners Worldwide and has chaired numerous global initiatives on impact investment.

Headquartered in London, MillTechFX is authorised and regulated by the UK’s Financial Conduct Authority (FCA), registered with the USA’s National Futures Association (NFA) and Canada’s Financial Transactions and Reports Analysis Centre (Fintrac). The firm is now expanding into Europe, having recently opened a new European subsidiary in Paris that’s in the process of seeking regulatory approval.

The firm says the platform has been machine-tooled from the bottom up with non-FX expert users in mind and is wholly intuitive and customisable, offering a frictionless, streamlined workflow from execution to reporting and settlement. It ensures transparency is at the heart of each stage of the execution process by offering real-time reporting and independent transaction cost analysis (TCA) that allows customers to see the total cost of their FX execution to evidence best execution.

“Until now, the operational burden, cost and complexity associated with multi-bank FX access was too great for most asset managers, corporates and institutions,” says Eric Huttman, CEO of MillTechFX. “MillTechFX is a complete game changer for these firms as it’s the first time they have been provided with this level of access through a single platform. We, at minimum, seek to cut our clients’ FX execution costs in half and feedback so far has been overwhelmingly positive. As a firm with global ambitions, we look forward to extending the benefits of our marketplace to European corporates and asset managers.”

Tom Vukota, CEO of VCM Global Asset Management, says, “When we came across MillTechFX… we were so surprised by it that we thought this is big, this company is going to challenge the status quo and disrupt the market, we should invest. MillTechFX can solve a lot of companies’ problems, reduce operational burden and save a lot of money for many players out there ranging from institution to corporates and asset managers.”