Record builds synthetic FXPB offering

Specialist currency manager will use tri-party model to move securities collateral between banks

At the heart of the initiative is a tri-party collateral-management process where parties use a custodial pool of securities

Record Currency Management is building a synthetic foreign exchange prime brokerage (FXPB) offering in response to the toll such services place on banks’ balance sheets. If successful, it will introduce an alternative form of collateral management to secure the credit that banks provide market participants trading in the $5 trillion-a-day currency markets.

Record’s move comes as the FXPB industry faces increasing cost pressures, and leading providers such as Citi are projecting higher prices

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