INTL FCSTONE has leveraged Paxos technology to automate precious metals trade confirmations.
According to INTL FCSTONE, the new technology automates trade confirmations by reducing errors and securing instantaneous reconciliation.
Additionally, INTL FCSTONE will use Paxos confirmation service to confirm all of the thousands of trades it executes daily for the division.
Charles Cascarilla, CEO and co-founder of Paxos, commented: “Our mission has been to build products that simplify post-trade, freeing up capital and decreasing cost.”
“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.”
He added: “Paxos has the technology and regulated trust that creates interoperability and allows us to help our clients evolve with the marketplace.”
Barry Canham, global head of INTL FCStone Metals Division, said: “We are constantly striving to provide our clients with the highest-level of service and find new ways to enhance the value that we bring.”
Canham continued: “At the same time, we are always looking to evolve our platform, leveraging the latest offerings to continue to secure our position as one of the market leaders in the precious metals industry.”
“The Paxos technology accomplishes both for us by streamlining our processes and significantly reducing operational risk from the point of trade.”
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