INTL FCStone automates trades with Paxos
Written by Peter Walker
INTL FCStone’s London-based Precious Metals Division has started using Paxos’ technology to automate trade confirmations, reduce errors and secure instantaneous reconciliation.
The blockchain-based startup’s platform will confirm all of the trades INTL FCStone executes on a daily basis, eliminating thousands of manual tasks every day, while improving operational precision.
Both firms will now know when trades are either captured correctly or when problems have occurred so they can be quickly identified and resolved.
Confirmation matching is the initial offering from Paxos’ broader suite of products focused on streamlining post-trade processes and reducing counterparty risk in the precious metals industry.
The company will be phasing the rollout of the confirmation service to around 75 counterparty pairs over the coming months and shortly thereafter will introduce other products for additional commodities, FX and other markets.
“Our mission has been to build products that simplify post-trade, freeing up capital and decreasing cost,” said Paxos co-founder and chief executive Charles Cascarilla. “This is an important milestone as the first stage of our settlement offering goes into live production by serving such a trusted partner as INTL FCStone and its counterparties.”
Barry Canham, global head of INTL FCStone’s Metals Division, said he is always looking to evolve the platform. “The Paxos technology accomplishes both for us by streamlining our processes and significantly reducing operational risk from the point of trade,” he added.