To accelerate the setup of funds and reduce settlement times, the London Stock Exchange Group’s (LSEG) FXall business will leverage Saphyre’s patent-approved technology to expedite their clients’ readiness to trade and reduce delays related to post-trade processes.
Clients onboarding their new funds through FXall will have a single entry process to setup their funds for all their liquidity providers at one time, and to share related legal documents more efficiently, while benefiting from full transparency into the status of each bank’s onboarding process.
Banks will benefit from using Saphyre’s API to consume account onboarding information and approve those accounts systematically in FXall, setting them up to be ready to trade in as little as 24 hours. In addition, FX liquidity providers can complete their KYC for these accounts in order to trade FX, Equities and Fixed Income – a triple benefit towards getting accounts to be trade and settlement ready within 24 hours.
“This benefit will remove the unnecessary delays related to the KYC processes occurring in post-trade today,” says Saphyre’s President, Stephen Roche.
Gabino Roche Jr., CEO & Founder at Saphyre shared: “Saphyre is further demonstrating that it’s a comprehensive solution for finance and its operations. Not only does Saphyre set up your funds quickly and seamlessly, but it also provides trading and post-trade benefits; especially in addressing the plethora of concerns that come with the T+1 deadline.”
Jill Sigelbaum, Head of FX Strategic Development and Partnerships, LSEG shared: “We are committed to improving and evolving the way our clients experience FXall. Incorporating Saphyre’s innovative technology solution into the platform enables us to offer our clients a new systematic and effective onboarding process. We’re very excited about our partnership with Saphyre as we roll out this new solution to our clients.”
About Saphyre
Saphyre leverages patented AI technology to digitize all pre-trade data and activities across multiple counterparties: from asset owners to investment managers, hedge funds to prime brokers, any client firms to broker-dealers and custodians, and much more. Saphyre’s platform maintains memory of data and documents, resulting in clients not having to search or resubmit information, and expedites flow in a digitally structured manner so that it can be consumed and understood by any permissioned counterparty in the finance industry. This allows firms not only to assess risk faster but they can speed their onboarding processes, get real-time ready-to-trade statuses per account, and eliminate 70%-75% of redundant or inefficient post-trade activities.
SOURCE Saphyre