MillTechFX, the fintech arm of specialist currency fund manager Millennium Global Investments, has expanded into Europe following the success of its multi-bank foreign exchange (FX) marketplace in the UK and North America.
The firm selected Paris as its European hub and it has received the requisite regulatory approval from both French financial authorities – the Financial Markets Authority (AMF) and the Prudential and Resolution Control Authority (ACPR).
MillTechFX executes $760bn in annual FX volume and manages over $19.5bn in institutional currency mandates.
Its multi-bank FX marketplace aims to ease the operational burden of implementing and managing multiple relationships to generate best execution.
The platform enables institutional clients to reduce FX costs as well as the operational burden associated with FX execution and rolling hedging requirements with an independent end-to-end currency solution.
It provides direct access to wholesale FX rates from up to 10 plus counterparty banks and transparent best execution.
“Over the past 12 months we have seen terrific growth in terms of clients onboarded and volumes transacted on our FX marketplace,” said Eric Huttman, CEO of MillTechFX.
He added, “This success indicates that asset managers and corporate treasurers are actively moving away from traditional FX processes and partnerships in favour of cost-effective, efficient and transparent multi-bank solutions. As a firm with global ambitions, we look forward to extending the benefits of our marketplace to European corporates and asset managers via our hub in Paris.”
Stephanie Aufan, director general of MillTechFX Europe, said, “Paris is one of the top tech cities in Europe, boasting a deep pool of talent as well as excellent transport links to London and the rest of Europe. From our Paris hub, we will open the door to more transparent, efficient and cost-effective access to multi-bank FX execution, levelling the playing field for asset managers and corporates across Europe.”
Earlier this month, industry veteran and ex-HSBC chief executive Stuart Gulliver joined the firm’s international advisory board.
In addition, the company joined forces with Investec Bank to launch a margin-free FX hedging solution which allows managers not to have their assets under management held back to meet a margin call.
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