Citibank and FXpress Announce On-Line FX Straight Through Processing (STP)
Citibank and FXpress Corporation announce the launch of a real-time link connecting Citibank’s CitiFX Chief Dealer (TM) system with FXpress’ foreign exchange risk management system, ‘delivering true straight through processing (STP)’ to their mutual clients. FXpress (TM) Version 5.5 enables users to trade currencies electronically with the CitiFX (SM) platform directly from the FXpress interface. This new application creates a seamless process from identification of currency exposure through trade execution, settlement and FAS 133 functionality. Furthermore, the truly integrated process design minimizes any chance of operational risk by allowing FXpress clients to communicate directly with the CitiFX website. Avaya Inc. is the first CitiFX and FXpress client to utilize the fully integrated system.