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      Global Prime reduces Overnight Funding Rates by 50% using BidFX

      Published: just now

      Global Prime reduces Overnight Funding Rates by 50% using BidFX

      August 20, 2020 - Global Prime has announced that it has been able to reduce the company's overnight funding rates (swaps) for its retail and institutional clients by over 50% by partnering with institutional FX solutions provider BidFX. The partnership with BidFX, live since April 2020, has provided Global Prime with expanded and centralised access to the interbank funding market.

      When a single prime broker or ‘prime of prime’ determines the swap rate, the broker/client has little choice but to execute at that price. BidFX specialises in liquidity aggregation across a range of OTC markets including spot and forward FX, NDFs, Precious Metals, deliverable and non-deliverable swaps providing best execution across a range of negotiation protocols. Global Prime took up the BidFX solution to streamline direct access to the tier-1 banks who make up the interbank market via the BidFX workflow architecture. This means visibility of and access to the best overnight rates via a centralised platform.

      Head of Trading and Institutional for Global Prime, Elan Bension stated “Our partnership with BidFX has seen an immediate and significant improvement in the rates we provide our institutional and retail clients. It’s a real edge for the company that has opened the doors to new opportunities. We couldn’t be happier with the impact this has had on the business.”

      BidFX Head of Australia Sales, David Catterick commented: “Global Prime’s decision to partner with BidFX reinforces our unrivaled capabilities in meeting clients continued demands as well as providing improved efficiencies and significant cost savings to end clients.”

      According to the press release issued by BidFX, "Global Prime clients are the real beneficiary of the new partnership. The significantly tighter swap spreads mean greater profit potential for traders through increased swap earnings or reduced swap costs. The improved setup which has been live since April 2020 has seen the average spread (bid/ask swap rates) reduce by over 50%."

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