NEW YORK, Aug. 8, 2018 /PRNewswire/ -- 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, 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."
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.
About Paxos
Paxos is a financial technology company
and the world's first blockchain-powered trust. As a modern day
settlement platform, the company's mission is to unlock capital and
create value through products that simplify settlement and
eliminate risk.
About INTL FCStone Ltd
INTL FCStone Ltd ("IFL") is a wholly owned subsidiary of INTL
FCStone Inc. ("INTL"). IFL is registered in England and Wales (5616586). IFL is authorised &
regulated by the Financial Conduct Authority [FRN 446717]. INTL
FCStone Inc., through its subsidiaries, is a leading provider of
financial-services execution, risk management, market intelligence,
and post-trade services across asset classes and markets around the
world.
Serving more than 20,000 customers in 130 countries on five
continents, the company provides products and services across five
market segments: commercial hedging, global payments, securities,
physical commodities, and clearing and execution services. Our
customers include the producers, processors and end users of
virtually every major traded commodity, as well as asset managers,
introducing broker-dealers, insurance companies, brokers,
institutional and retail investors, commercial and investment
banks, and governmental, non-governmental and charitable
organizations. A Fortune 500 company headquartered in New York City, the company is listed on the
Nasdaq under the ticker symbol "INTL".
Further information on INTL FCStone is available at
www.intlfcstone.com.
Media Contact:
Renee
Rossi
press@paxos.com
+1 (908) 872-3452
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SOURCE Paxos