e-Forex-July-23-HighRes-SCREEN

Capitolis to connect to LCH ForexClear’s FX
Smart Clearing solution
Capitolis has announced it is connecting
to LCH’s FX Smart Clearing solution. This
will add another layer of optimization
benefits to help banks overcome the
challenge of increased costs resulting
from the introduction of the Standardized
Approach to Counterparty Credit Risk
(SA-CCR) and other risk measures in the
FX industry, particularly relating to FX
forwards, FX swaps and cross-currency
swaps. In a proof-of-concept with nine
global banks, Capitolis demonstrated
the benefits in capital and funding that
FX Smart Clearing would provide to the
company’s existing SA-CCR optimization
service. It reached a network yield of
Gil Mandelzis
42% of total funding costs including
the funding of capital. “Combining
FX Smart Clearing with our post-trade
optimization technology is the ideal
approach to managing capital for our
customers,” said Gil Mandelzis, CEO
& Founder, Capitolis. “The relationship
with LCH ForexClear, coupled with our
network of participating global banks,
is a sophisticated and advanced model
for the industry, bringing multi-lateral
optimization to the next level by including
a clearing node.”
Raiffeisen Bank International adopts ION’s
messaging solution
NEWS
ION, a global leader in trading, analytics,
treasury, and risk management solutions
for capital markets, commodities, and
treasury management, has announced
that Raiffeisen Bank International
(RBI) has implemented ION’s new ISO
20022 solution. A leading corporate
and investment bank in Austria and
Central and Eastern Europe (CEE), RBI
selected the solution to help it meet
the new TARGET2 and SWIFT CBPR+
ISO 20022 initiatives. ION’s ISO 20022
technical messaging system helps users
to navigate the transition seamlessly.
Equipped with this solution, RBI can
now process settlement requests
both from ION’s existing WSS FX and
other back-office applications across
the bank. Supporting the rich and
Eugene Markman
structured data in ISO 20022 messages,
the new messaging hub will provide a
more efficient end-to-end payments
experience for RBI’s clients. Eugene
Markman COO of ION FX, said:
“Through working with RBI on their ISO
20022 strategy for the past two years,
we understand the challenges this new
messaging format presents. Designed to
address these concerns, our ISO 20022
solution will help RBI and other clients
meet the new requirements, realize
additional settlement opportunities, and
pave the way for a more standardized,
efficient payments landscape.”
DIGITEC makes two new hires in London
DIGITEC has announced that Errol
McKenzie and Asim Ahmed have joined
its London office. DIGITEC’s London
office includes staff with extensive
industry experience across a range of
different roles, including sales, customer
service, product development, IT services
and engineering. Errol McKenzie joins
as Head of Customer Service and
Success and reports to Stephan von
Massenbach, Chief Revenue Officer
whilst Asim Ahmed, who has joined
as Service Level Manager, reports to
Errol McKenzie. “As we continue to add
bank clients and develop new products
it is important that we provide the
highest levels of support by investing
in experienced and highly skilled
people working in Customer Service
and IT Services,” said Peer Joost, CEO
of DIGITEC. “Hiring for these roles in
London brings us closer to our clients
and new prospects, which is key to
DIGITEC’s future growth plans.”
Peer Joost
6 JULY 2023 e-FOREX