An Innovative Alternative
Bank of America Merrill Lynch offers an innovative alternative to the way you trade FX benchmarks. We empower our clients with leading technology to provide enhanced confidentiality, anonymity and control over FX benchmark order executions.
CONTROL AND CONFIDENTIALITY
- Provides direct control of your FX benchmark execution process
- Instinct® FX system access restrictions protect the confidentiality of your orders
- When entered directly, your orders may not be accessed by sales or non-electronic trading services support personnel
HOW IT WORKS
- Orders are submitted to Instinct® FX
- Orders are netted by currency
- Residual amounts are executed electronically using BofAML proprietary algorithms to minimize market impact by offset against internal e-client flow and EBS e-Fix Matching
- Client orders are filled at the FX benchmark mid-rate, net of fee
- Our proprietary algorithms access a large and diverse FX liquidity pool
- WM/Reuters (WM/R)
- Bloomberg (BBG)
- Reuters Tokyo Foreign Exchange Fix (TKFE)
- Treasury Markets Association (CNHFIX)
TRADE WHERE YOU LIKE
Our FX Benchmark Electronic Execution Service is offered through third-party vendors, such as FXall, Bloomberg, FX Connect, Portware and Flextrade, so there is no need to change your preferred platform.
EASY FX BENCHMARK ENTRY
- Submit FX benchmark orders for any fixing date and time directly through the Instinct® FX order entry screen
- Use the bulk order upload and staging area for spreadsheet entry
WHAT DOES IT COST?
- Mid with execution fee charged on net currency amount or bid/ask with no execution fee for WM/R
- Fee /rate reconciliation reports automatically sent
- Roll FX benchmark executions to forward dates
- Multiple vendor connections for automated order submission
- STP trades to your risk management system by FIX API or drop-copy
ADDRESSES MAJOR FSB RECOMMENDATIONS
- Designed for any fixing time period
- Accesses liquidity from a broad range of deep liquidity sources
- Connected to independent netting facilities, such as EBS e-FIX Matching
- Designed to minimize market impact
- Transparent pricing and fee arrangements
Instinct FX pricing is available in all G10 currencies and deliverable emerging market currencies, including: CNH, CZK, HKD, HUF, ILS, MXN, PLN, RON, RUB, SGD, THB, TRY and ZAR.
Work with a global leader
Use of BofAML electronic trading services is subject to the Bank of America Merrill Lynch Electronic Trading Terms and Conditions.
Last Look and Other Disclosures regarding electronic trading of FX and other assets at BofAML
Details on Bank of America Merrill Lynch FX Order Disclosures
Our Statement of Commitment to the FX Global Code