CTX smashes monthly trading record with $14 Million in trades:
In issue #106 September we announced the launch of our new CTX Exchange-Cleared OTC trades solution, a service every major stock exchange in the world offers for large broker or corporate trades.
In November we cleared three of these with the largest being £5.9 million. CTX handled all the client onboarding (KYC/AML) and clearance and settlement with the FX being done electronically on the Exchange between Euro and GBP. The trades were conducted at the previously announced 50% discounted fees – and it was done in the middle of the night where the buyer did the trade online at 2 AM GMT whilst our London office was asleep, so all parties woke to the deal completed.
The seller said “We are really satisfied with the trade and how it has been handled by CTX”, whilst the buyer commented: “We are happy to engage in many more (similar) trades which are materialising”.
Why would you go through the pain and risk of an ERPA, when you can bring your large trades to CTX and we can make them happen painlessly, with full electronic record and proof of price and volume?
Line of Credit for Larger Corporations and Listed Companies:
The recently updated CTX Trading Rules outline the process; in simple terms, CTX now offers qualified buyers a line of credit, which will allow them to complete financial settlement of the trade within 2 working days (T+2). When they do the online purchase both parties will get a ‘pending transaction’ email notification and the buyer’s finance department will have a 48-hour window to fund the account. The trade will clear automatically when they do. Credits are delisted into ‘suspense’ at the time of purchase, then transferred when the funds arrives. If incomplete due to non-funding, the credits are immediately and automatically relisted on the exchange, meaning there is no risk for the seller. A ‘three strikes and you are out’ policy ensures no one will abuse this privilege, which is designed to simplify large scale trading for corporates.
Sales Records set a huge foundation for 2021:
Since last July CTX has signed up more than 30 new ‘buy side’ corporate Members, numerous brokers and a number of new suppliers. The efforts of our awesome – yet small – team have meant a rapid influx of new administration support staff preparing for a blockbuster year in 2021. As we all know, more and more companies are now offsetting and our OTC trading division are conducting deals almost daily. CTX have even subcontracted a full time ‘treasure hunter’ to list credit inventory based on pent-up demand. Nothing happens overnight – but it is our wish to transition as much of our trading as possible onto the CTX exchange to keep costs for all parties low and remove as much paperwork from trading as is possible.
As part of this growth, we have revised and simplified our User Guides – for each credit standard and each type of buyer. Check out the updated rules by logging into your CTX account, go to the Menu Cog, select Terms and Conditions and /or email us for the latest User Guides on firstname.lastname@example.org
The ‘New Normal’ is going to be: ‘Be in it to win it’!
Article and photo source: Press Release / Newsletter