presence and knowledge in local economies combined with global solutions. London (Reuters) - hsbc has reduced the cost of settling foreign exchange trades by a quarter through its blockchain-based system, an executive overseeing the project told Reuters, offering a glimpse of the savings the technology could offer banks. Committed to Good Practice, hSBC has signed an institution-wide Statement of Commitment to the FX Global Code the Code which establishes a common set of guidelines to promote good practice in the Foreign Exchange market. Hsbc would not give data on overall forex trades settled top forex news sites by traditional processes, saying only that those settled on the platform represented a small proportion. Last month the London-based lender said it had processed FX trades worth 250 billion on the platform since February last year.
Real time FX transactions are not available to Trusts, smsfs and non-trading accounts between.00am Saturday and.00am Monday. He did not give precise figure for daily transactions but said that a significant amount of overall internal flows are likely to be settled on the system. Hsbc believes that the Code sets out principles of good practice for the FX market and promotes a robust, fair, liquid, open, and transparent market underpinned by high ethical standards. Our array of strategic support is underpinned by market intelligence and research with global reach. Hsbc is strongly committed to supporting and promoting adherence to the principles set out in the Code, having appropriately weaved the principles of the Code throughout the fabric of its FX business to align it closely with each of the Code's principles. Experience smarter execution, executing transactions in a reliable, easy-to-navigate environment is key to helping you make the most of market opportunities and optimise your cross-border operations. We going at a pace now, Williamson said. The bank processes between 3,500 and 5,000 trades a day on its FX Everywhere system, settling trades worth 350 billion, Mark Williamson, chief operating officer of FX cash trading and risk management, told Reuters. Our extensive experience in emerging markets reflects our commitment to the long-term development of domestic on-shore/off-shore markets and business in each region. Reporting by Tom Wilson; Editing by David Goodman and Kirsten Donovan. The hsbc Daily Exchange Rate will apply for all future-dated transactions on the future date of those transaction. Terms Conditions, expanded press enter to collapse Collapsed press enter to expand.
Williamson said that hsbc settles billions of dollars worth of payments every day, helping the bank to manage risk by allowing it to see real-time exposure across multiple balance sheets. Since its publication, hsbc has continued to speak publically in support of the FX Global Code at industry events, contribute to industry wide surveys and provide input to consultations related to the Code.