Paxos, a financial technology company and the first blockchain-powered trust announced that INTL FCStone Inc.’s (NASDAQ: INTL) London-based subsidiary, INTL FCStone Ltd’s Precious Metals Division, has just announced that it 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,” added 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.
Paxos Confirmation Service allows INTL FCStone to eliminate thousands of manual tasks every day while improving operational precision. Using the Paxos system, INTL FCStone and its counterparties can electronically match trade economics almost instantaneously after booking. Both firms get the benefit of knowing trades are either captured correctly or problems are quickly identified and resolved.
Confirmation matching is the initial offering from Paxos’ broader suite of products focused on streamlining post-trade processes and reducing counterparty risk in the precious metals industry. Paxos will be phasing the rollout of the confirmation service to around 75 counterparty pairs over the coming months and shortly thereafter will introduce other products for additional commodities, FX and other markets.