HSBC is the first customer to use SWIFT's newly-launched information service, FX Business Insights, which allows clients to continuously measure their FX business performance.
Based on transaction data
The service is based on metrics derived from actual transactions – derived from SWIFT messaging that supports the legal confirmation process for the global FX markets – rather than survey-based information and, according to SWIFT, this allows customers to make more informed strategic decisions. It states that FX transactions confirmed over SWIFT include more than 133 currencies across 219 countries and territories, which the organisation says is “the broadest and most complete view of FX market activity”.
'New benchmarks' for FX industry
The service, which also established “new industry benchmarks” is aimed at major market makers and was developed with input from a number of Tier 1 investment banks. HSBC's Frederic Boillereau, said, “SWIFT has a unique data set and the aggregated data and insights they produce are valuable additional information.”
SWIFT also stated: “FX Business Insights is based on aggregated anonymised data and is subject to SWIFT’s strict guidelines on what information can be shared, in order not to compromise the confidentiality of SWIFT data and prevent indirect identification of peers.”
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