SocGen Joins Cürex P2P Platform
Posted by Colin Lambert. Last updated: February 15, 2023
Cürex Group has unveiled Société Générale as the latest bank to joins its peer-to-peer platform.
The firm says it expects to add additional banks in the coming months to the platform, which enables the buy side to anonymously match against each other at the mid‐point derived from the FTSE Russell/Cürex benchmark rates using execution algorithms from seven banks. Buy side customers can choose to show their trading interest to the peer-to-peer pool through these algorithms which can also continue to work their algo trades elsewhere.
“Our peer-to-peer platform continues to grow its buy side client base and trading volume and we are delighted to add Société Générale to the list of global FX banks that provide access to the peer-to-peer liquidity pool through their trading algorithms. We worked with our bank partners and clients to design a buy side only, peer-to-peer matching platform that provides anonymous executions at a mid‐point reference rate with no changes to our customers’ trading workflows, credit relationships or processes.
“Traders can manage their peer-to-peer exposure while setting the parameters of their algorithmic trades with a growing list of global bank trading algorithms,” he continues. “Our buy side customers receive anonymous, mid‐point matching with no market impact and our bank partners are able to enhance the liquidity and matching opportunities available through their FX trading algorithms. It’s a win‐win for Cürex’s buy side clients and our algo bank partners.”
Franz Schmidpeter, Cürex’s senior managing director, adds, “We continue to grow the two‐way trading interest on the peer-to-peer platform and the addition of Société Générale will further increase the matching opportunities among our buy side client base. Accessing Cürex’s peer-to-peer liquidity pool does not require any changes to credit or clearing relationships. Our customers receive a fair and transparent mid‐point price for their trades derived from the FTSE Russell/Cürex benchmark rates. Clients can simply request the addition of the peer-to-peer platform to their existing bank algorithm functionality and gain access to this no market impact environment.”