LONDON, Nov. 21, 2005 (PRIMEZONE) -- GlobeOp Financial Services (GFS(sm) or GlobeOp(r)), a provider of fund administration and related support services for hedge funds, fund of funds, and high net worth family wealth offices, announced today an agreement to offer connectivity to the Currenex(r) electronic foreign exchange trading platform via GoMarkets(sm), GlobeOp's new electronic trading connectivity platform for its hedge fund clients. Currenex, Inc. is a leading provider of foreign exchange and money market trading solutions to banks, funds, corporations and other market participants.
GlobeOp's clients will now be able to access Currenex's premier multi-dealer electronic solution for foreign exchange trading, where previously they might have been limited to trading via phone or required to access multiple electronic platforms from various dealers. They will be able to conduct foreign exchange trading electronically by accessing Currenex's FX trading platform directly through GlobeOp's client Web interface. Direct connectivity to Currenex will enable GlobeOp's clients to realize increased efficiencies through straight-through-processing (STP) of FX trades via Currenex.
Through connectivity via GoMarkets, Currenex's participating market makers can expand their service to GlobeOp's hedge fund clients and a large and diversified buyside community, accounting for a significant share of the daily global foreign exchange market. The Currenex platform facilitates trading in spot, forward, and swap foreign exchange.
Hans Hufschmid, chairman and chief executive officer of GlobeOp, said, "The addition of Currenex's e-FX trading platform to our GoMarkets service enables GlobeOp to offer its clients an industry-leading foreign exchange execution service with STP benefits. Increasingly, by adding quality partners such as Currenex, GlobeOp is growing to become strategically more important to our clients, who look to us for a broader range of hedge fund support solutions."
Clifford Lewis, chairman and chief executive officer of Currenex, added, "The agreement with GlobeOp provides Currenex with the opportunity to serve GlobeOp's extensive client base of hedge funds and their significant volume of foreign exchange trading. We are pleased to be associated with the GlobeOp suite of services. This partnership provides many benefits to Currenex and GlobeOp, GlobeOp's hedge fund clients and Currenex liquidity providers through the integration of our e-FX platform with GoMarkets."
About Currenex
Currenex(r), Inc. is a leading provider of foreign exchange and money market trading solutions to banks, funds, corporations and other market participants. It is the provider of a comprehensive suite of proven FX and money markets trading tools from executable streaming prices (ESP(tm)), Enhanced Request for Stream (ERFS) and trader protection (SniperProtection (tm)) services to Benchmark rates, orders and complete prime brokerage functionality. Accessed through a global electronic communications network, Currenex patented technology is also available to users in privately branded solutions. Additional information can be found at www.currenex.com
Authorized and Regulated by the Financial Services Authority
Currenex (UK) Limited, 71 Kingsway, London WC2B 6ST, UK.
Registered in England No. 3882136.
Registered office as above.
About GlobeOp
GlobeOp Financial Services specializes in middle- and back-office support services and fund administration for hedge funds, funds of hedge funds, asset managers and high net worth family wealth managers. GFS provides independent services essential to the successful operation of private investment entities with activities ranging across a wide spectrum of traded instruments. The firm's GlobeOp Risk subsidiary provides independent risk reporting and quantification to investors, creditors and managers. Company expertise is drawn from the senior levels of international banking and fund management and encompasses a wide range of relevant experience. More information about GFS can be found at www.globeop.com.
Statements made in connection with this news release that are not historical fact, such as forward-looking statements concerning future performance and growth, involve risk and uncertainties and are subject to various factors that could cause actual results to differ materially from those set forth in the forward-looking statements. Although GFS believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, such as competition, loss of clients or a reduction in business received from clients, failure to retain key management and employees, success of new services, reputational harm, disruption of crucial computer and communications systems, regulation, pending, threatened or future legal proceedings, general economic conditions and other factors, including those impacting the hedge fund industry generally, such as changes in the market environment, decreased growth rates and industry consolidation, could cause actual results to differ materially from GFS' expectations. Any forward-looking statements represent the best judgment of GFS as of the date of this release. GFS disclaims any intent or obligation to update any forward-looking statements.
GlobeOp, GFS, www.globeop.com, and GlobeOp's "G" logo are trade and service marks of GlobeOp Financial Services and are used throughout the world. The GlobeOp service mark is registered in the United States and the European Union; the GFS trade and service mark is registered in the European Union; GlobeOp's "G" logo is registered in the European Union. In addition, all other content, trademarks, service marks, trade names, logos, and icons are proprietary to GlobeOp Financial Services, SA or its affiliates, licensors or agents. Nothing contained in this news release or on GlobeOp's Web site should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trade or service mark displayed in this news release or on GlobeOp's Web site without the written permission of GlobeOp Financial Services. Use of the trade and/or service marks displayed in this news release or on GlobeOp's Web site, or any other content found in this news release or found on GlobeOp's Web site, except as provided herein, is strictly prohibited. All other products or company names herein may be trade and/or service marks of their respective owners.