The new offering will allow business clients to execute FX spot, swap trades and FX forwards transactions on 14 currency pairs, “They can execute spot, forward and swap trades, in real time, or enter limit orders,” says BCGE. ForXchange clients will also be able to trade precious metals: gold, silver, platinum and palladium.
The release states:
“It provides access to currency and precious metals markets, offering clients the best price, free of charge via BCGE Netbanking.”BCGE explains that the service is geared towards large businesses with foreign subsidiaries, where currency conversions are needed to facilitate operations. BCGE currently offers various banking services to over 18,000 companies and businesses. Unlike traditional FX brokers that operate only five days a week, the ForXchange service will also allow trades to take place several hours after the retail FX markets close on Friday:
“Operating hours are extensive: six days out of seven, as soon as a currency market is open, from Sunday evening at 11 pm to Friday night at midnight.”BCGE partnered Geneva-based financial IT firm Olfa Soft Company and their subsidiary, Olfa Trade, to develop the ForXchange service.