MillTechFX, which is a multi-bank foreign exchange (FX) marketplace, announced on Wednesday its expansion into the European markets with Paris as its regional hub.
The company has already received approval from two French financial market authorities: the Financial Markets Authority (AMF) and the Prudential and Resolution Control Authority (ACPR).
Cost-Effective Services
MillTechFX was launched last August by Millennium Global Investments as an affiliate, targeting asset managers and treasurers. It received investment from British businessman Ronald Cohen and is operating as an independent multi-bank FX marketplace with a focus to reduce FX execution costs and operational burdens.
The platform was initially launched in the United Kingdom and North American markets. It is headquartered in London and regulated in the United Kingdom, the United States and Canada.
“Over the past 12 months we have seen terrific growth in terms of clients onboarded and volumes transacted on our FX marketplace. This success indicates that asset managers and corporate treasurers are actively moving away from traditional FX processes and partnerships in favor of cost-effective, efficient and transparent multi-bank solutions,” said MillTechFX’s CEO, Eric Huttman.
“As a firm with global ambitions, we look forward to extending the benefits of our marketplace to European corporates and asset managers via our hub in Paris.”
Moreover, the company continued to strengthen its team with the appointment of Aline Ungewiss as the Marketing Director earlier this year.
Furthermore, MillTechFX Europe’s Directeur Général, Stephanie Aufan pointed out the importance of setting up the hub in Paris, France. “Paris is one of the top tech cities in Europe, boasting a deep pool of talent as well as excellent transport links to London and the rest of Europe. From our Paris hub, we will open the door to more transparent, efficient and cost-effective access to multi-bank FX execution, leveling the playing field for asset managers and corporates across Europe,” she said.
