Currency manager Millennium Global recently launched MillTechFX, which it describes as an “independent, comparative multi-bank FX marketplace which reduces FX execution costs and operational burdens”.
The platform is the latest attempt to provide lower-cost FX services to fund managers and corporate treasurers – two groups that research suggests find it hard to access competitive rates.
Analysis of share-class hedge returns conducted by Lumint and New Change FX last year suggested that average FX trading costs were more than 10 times higher than they should be.
Meanwhile, a 2019 report co-authored by economists from the European Central Bank (ECB) and the IMF found that while large corporates were paying as little as two basis points, the least-sophisticated clients were paying more than 50bp over the competitive market mid-price for their FX trades.
We can save clients a minimum of 50% on their trading costs
MillTechFX leverages the purchasing power of Millennium Global – one of the world’s largest specialist currency managers, with approximately $600 billion in annual FX volume – to give users access to institutional-grade rates from counterparty banks, including ANZ, Bank of America, BNP Paribas, Citi, HSBC, Morgan Stanley, NatWest, Standard Chartered, State Street and UBS.
According
