Trading in 180 currencies and exchanging millions of confirmation messages every trading day, the FX market suffers from bottlenecks and manual processes that hamper the exchange of information and straight through processing.
Swift is adapting standards used in FX, in conjunction with industry, to lower the cost of doing business, increase returns on investment and reduce the levels of risk involved, but there is more to do.
In its report, the value of standards in the FX markets, Swift calls for greater harmonisation through standards to drive down unnecessary costs, delays and risk. The release includes new changes to enable automation of the FX matching process.
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