Northern Trust announced June 13 that it would be launching a suite of algorithms specifically for use in the area of foreign exchange client executions. It is Northern Trust's hope that the new systems will aid in its ability to better assist clients with foreign exchange exposure and give them increased transparency and control.
Timothy Linehan, senior partner at Silchester International Investors, spoke about the system and the influence it has had.
"We have seen competitive quotes and narrower spreads without a corresponding increase in counterparty exposure, balance sheet risk or operating complexity for Silchester and its clients," Linehan said.
The FX Algo Suite is designed to enhance the flexibility of clients and give them greater access to competitive pricing using Northern Trust's liquidity panel, which consolidates prices of liquidity providers from around the world. The system also helps to protect clients when they make large purchases, and it gives them increased insight into what goes into such transactions, including post-trade execution analysis.
Pete Cherecwich, president of Corporate & Institutional Services at Northern Trust, also addressed what the system offers to clients.
"Clients want to be able to minimize uncertainty in their foreign exchange transactions, and Northern Trust is committed to helping them do that," Cherecwich said.
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