INTL FCStone Ltd’s Precious Metals Division, is now using Paxos Confirmation Service, a tool built specifically for the post-trade needs of the precious metals market. The new technology automates trade confirmations, reducing errors and securing instantaneous reconciliation. INTL FCStone will use Paxos Confirmation Service to confirm all of the thousands of trades it executes daily for the division.
“Our mission has been to build products that simplify post-trade, freeing up capital and decreasing cost. This is an important milestone as the first stage of our settlement offering goes into live production by serving such a trusted partner as INTL FCStone and its counterparties,” said Charles Cascarilla, CEO and co-founder of Paxos. “Paxos has the technology and regulated Trust that creates interoperability and allows us to help our clients evolve with the marketplace.”
“We are constantly striving to provide our clients with the highest-level of service and find new ways to enhance the value that we bring,” said Barry Canham, Global Head of INTL FCStone Ltd’s Metals Division. “At the same time, we are always looking to evolve our platform, leveraging the latest offerings to continue to secure our position as one of the market leaders in the precious metals industry. The Paxos technology accomplishes both for us by streamlining our processes and significantly reducing Operational Risk from the point of trade.”