Old National Bank Integrates SS&C Technologies’ FX Trading Portal

SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), a provider of comprehensive financial services software, has agreed to terms with Old National Bank, to implement and push foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (FX) trading capabilities for the bank’s clientele, according to a SS&C Technologies statement.

SS&C Technologies has worked with a variety of banking and institutional venues, offering its solutions suite for several venues dealing with multiple asset classes. The new initiative with Indiana-based Old National Bank will help integrate SS&C Technologies’ FX Trading Portal, which helps bring a unified trading solution to banking clients, as opposed to going through a sovereign broker.

As such, Old National Bank will utilize SS&C’s web-based FX trading solution for its commercial, corporate, and institutional customers with direct market access. In a unique offering amongst US banks, clients will also gain access to not just G10 currencies but also a robust basket of emerging markets (EM) currencies, with additional options to spot, forwards, and Swaps Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Read this Term.

According to Bob Jones, President and Chief Executive Officer (CEO), Old National Bank, in a recent statement on the agreement: “We selected SS&C’s FX Trading Portal for our Foreign Exchange business because we wanted a modern, scalable platform that would integrate well with our broad range of banking products.”

“Our mission is to deliver unparalleled service to customers. By choosing to work with SS&C, we are delivering on that promise with a client-friendly, web-based solution, in addition to our traditional phone support, to manage foreign exchange exposure on a global basis,” he added.

“The SS&C FX Trading Portal gives Old National Bank a secure, integrated foreign exchange services platform that easily handles real-time, competitive currency transactions. Our proven delivery model and expertise in this space will generate substantial convenience to Old National’s growing customer base,” noted Bill Stone, Chairman and CEO, SS&C Technologies, in an accompanying statement.