WIKIFX REPORT: Global Prime Partners BidFX To Reduce Overnight Funding Rates By Over 50%
Abstract：Australian-based Global Prime (www.globalprime.com) partners with institutional FX solutions provider BidFX to expand and centralise access to the interbank funding market. The solution has reduced overnight funding rates (swaps) for its retail and institutional clients by over 50%.
Australian-based Global Prime (www.globalprime.com) partners with institutional FX solutions provider BidFX to expand and centralise access to the interbank funding market. The solution has reduced overnight funding rates (swaps) for its retail and institutional clients by over 50%.
Liquidity in funding markets has become increasingly fragile, and as a result of the volatility in swap points, both retail and institutional clients face more expensive funding of overnight exposures. This problem is exacerbated when a single prime broker or ‘prime of prime’ determines the rate, and the broker/client has little choice but to execute at that price.
Market leading Fintech firm BidFX specialises in liquidity aggregation across a range of OTC markets including spot and forward FX, NDFs, Precious Metals, deliverable and non-deliverable swaps providing best execution across a range of negotiation protocols. Global Prime took up the BidFX solution to streamline direct access to the tier-1 banks who make up the interbank market via the BidFX workflow architecture. This means visibility of and access to the best overnight rates via a centralised platform.
Head of Trading and Institutional for Global Prime, Elan Bension stated “Our partnership with BidFX has seen an immediate and significant improvement in the rates we provide our institutional and retail clients. It‘s a real edge for the company that has opened the doors to new opportunities. We couldn’t be happier with the impact this has had on the business.”
BidFX Head of Australia Sales, David Catterick commented: “Global Primes decision to partner with BidFX reinforces our unrivaled capabilities in meeting clients continued demands as well as providing improved efficiencies and significant cost savings to end clients.”
Global Prime clients are the real beneficiary of the new partnership. The significantly tighter swap spreads mean greater profit potential for traders through increased swap earnings or reduced swap costs. The improved setup which has been live since April 2020 has seen the average spread (bid/ask swap rates) reduce by over 50%.
About Global Prime
Sydney headquartered Forex and CFD provider Global Prime aims to set a new standard in online trading through the promotion of trading conditions that empower traders.
Traders chose Global Prime for its world class pricing and execution, institutional grade post-trade transparency as proof that Global Prime does not trade against its clients, and its focus on community interaction through its public Discord chatroom, where Global Prime and its clients talk trading and markets 24/7.
CFD trading is high risk and is not suitable for everyone. Please review the Global Prime PDS, available from our website, to ensure you fully understand the risks involved before trading.
Enquiries: Web: www.globalprime.com, Email: marketing@globalprime.com, Ph: +61 (2) 8379 3622
Global Prime Pty Ltd, ABN 74 146 086 017, holds an Australian Financial Services Licence (AFSL no.385620) to carry out financial services in Australia.
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