Ronald Cohen Backs MillTechFX, a New Multi-Bank FX Marketplace

Millennium Global, one of the most prominent global currency managers, recently announced the launch of MillTechFX, a new marketplace targeting asset managers and treasurers.

In an official announcement, Millennium Global mentioned that MillTechFX is an independent multi-bank FX marketplace with a focus to reduce FX Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term costs and operational burdens.

Headquartered in the world’s largest FX hub London, MillTechFX is authorized and regulated by the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term), UK’s financial regulator. Additionally, MillTechFX is registered with the USA’s National Futures Association (NFA) and Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC).

The company received investment from Ronald Cohen, a leading British businessman. Cohen is also known as ‘the father of British Venture Capital’. Cohen is the Chairman of the Global Steering Group for Impact Investment (GSG). He was the Co-Founder and Executive Chairman of Apax Partners Worldwide.

City grandee, Ronald Cohen has also joined the international advisory board of MillTechFX.

“For too long, the best FX rates have been reserved for firms with the most resources, leaving mid-sized asset managers and corporates to overpay for FX execution. MillTechFX’s new, independent platform makes the best bank FX rates available to all,” Cohen said.

MillTechFX

The company highlighted the need of a cost-effective FX marketplace for currency execution. MillTechFX aims to support users through a frictionless approach. “Until now, the operational burden, cost and complexity associated with multi-bank FX access were too great for most asset managers, corporates and institutions. MillTechFX is a complete game-changer for these firms as it’s the first time they have been provided with this level of access through a single platform. We, at minimum, seek to cut our clients’ FX execution costs in half and feedback so far has been overwhelmingly positive. As a firm with global ambitions, we look forward to extending the benefits of our marketplace to European corporates and asset managers,” Eric Huttman, CEO of MillTechFX, mentioned in the official announcement.