Genesis, XP Investments Launch FX Prime Trade Capture App

London-based capital markets software provider, Genesis Global Technology has expanded its partnership with XP Investments, the US arm of Brazil’s largest broker-dealer.

Genesis has teamed up with XP to launch a new PoP product, dubbed FX Prime, a trade capture application developed for FX & rates trading desks with Prime Broker Prime Broker Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Read this Term integration. With this new product suite, the application supports FX Option trade capture for both single-leg trades and multi-leg strategies, as well as spot, forwards, swap, NDFs, and interest rate swaps deals.

Genesis bills itself as the low-code platform for capital markets software development, which enables the rapid creation of products and solutions without having to write substantial lines of code. The paradigm has increasingly gained momentum in the financial industry as it enables relevant service providers to build their own solutions faster and simpler.

Both firms have originally partnered in February 2020 to build products that aim to automate workflows. They initially joined forces to develop a treasury product to automate workflow management between the trading desk, institutional clients and wealth managers.

XP To Build More App on Genesis Platform

Following the success of the treasury product, the two firms turned to develop a suite of complementary post-trade and wealth management products.

XP Investments is a multi-asset broker that provides trading on stocks, fixed income and derivatives products to both retail and institutional investors. The broker is the US subsidiary of Brazilian financial services platform, XP Inc (XP.O), which has a market capitalization of $23.16 billion.

Commenting on the news, Eduardo Hargreaves, Head of FX and rates agency desk at XP Investments, said: “Since launching our FX desk earlier this year, we have continued to expand our offering beyond FX products to include Interest Rate Swaps. This is one of the great advantages of the Genesis low-code platform.”

Stephen Murphy, CEO of Genesis, added: “This announcement also reflects our ongoing commitment to the Brazilian marketplace. As part of our global growth strategy, this announcement with XP Investments is further evidence of our success in the region, building on our partnership with B3, the primary Brazilian Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term and Banco Bradesco, Brazil’s second-largest bank by total assets, to drive digital transformation. Not all low-code applications are fit for the complex and robust requirements of the global financial markets and we are proud to play our part in supporting these leading Brazilian institutions as the Low-Code platform native to financial markets.”