Replace manual, error-prone processes with a system that allows you to enhance your control around benchmark order procedures. At the same you can address the following recommendations in a recent report by the Financial Stability Board:
Complete transparency around fixing transactions and mark-up management.
Barracuda FX offers the ability to configure order execution at either the mid-market rate with a pre-agreed mark-up or at the bid-ask spread with or without a brokerage charge. A complete audit trail and reporting is immediately available to clients so there is total visibility around all transactions and mark-up management.
Internal controls and accountability for handling of orders are easy to manage on Barracuda FX.
Once an order is entered into the system, a full audit trail is available which specifically registers who entered the order, when it was executed etc.
Manage customer flow more efficiently and address potential conflicts of interest.
Barracuda FX allows banks to segregate benchmark orders from the rest of the FX flow while still allowing management to have complete oversight of their overall risk positions. Permissions to view and execute on the benchmark orders can be limited to only those accountable individuals, and not included as part of the bank’s regular flow.
To discuss how Barracuda FX can help you adhere to new regulatory guidelines and improve efficiencies in your business, contact us today:
email: firstname.lastname@example.org or tel +353 1 430 1800