Financial Software Systems Inc. (“FSS”), a leading provider of integrated financial software, is pleased to announce that Banco Invex has licensed the Spectrum Treasury System to enhance its front-to-back-office Foreign Exchange dealing capabilities for Spot, Forward, and Swap contracts. Banco Invex (“Invex”) is one of the fastest growing banks in Mexico. Invex Casa de Bolsa opened in 1991 and quickly expanded its business by opening a bank in 1994. In 2001 Invex further expanded by integrating Investment Funds into its financial product offerings.
Spectrum is a comprehensive front-office to back-office position management and wealth management solution. Spectrum supports multiple asset classes including foreign exchange, money markets, fixed income, equities and derivatives. Transactions captured in Spectrum are instantly reflected in position, P&L, cash flow and risk management blotters. In the middle-office Spectrum provides real-time risk management through pre-trade and post-trade credit and/or collateral checks. Invex will utilize Spectrum’s back-office to produce printed and email transaction confirmations. General Ledger accounting entries will be produced by Spectrum’s multi-currency Treasury sub-ledger and will be exported to Invex’s General Ledger system. Spectrum is built on Microsoft’s .NET platform.
Mr. Leopoldo Plata, Sales Manager for Mexico for Financial Software Systems, commented, “Financial Software Systems is delighted to add Invex to our growing list of Latin American clients. Financial Software Systems looks forward to partnering with Invex and to helping Invex implement best Treasury practices based upon our experience of over 100 successful implementations of Spectrum. Spectrum is a world class Treasury system supporting some of the most prestigious banks in the world, and we are pleased to add Banco Invex to our list of distinguished clients.”
The Mexican Peso is currently trading at 13.73 against the greenback.
Mexico is one of the leading emerging market nations for exotic currencies. According to a BIS survey in 2010 the Mexican peso ranks 13th among the world’s most traded currencies and 3rd among emerging market currencies only after South Korea’s won and the Singapore dollar. In 2010, the Mexican peso’s daily trading volume in foreign exchange markets averaged $50 billion.
Listed broker Gain Capital signed a Mexican white label partner in Q1 2012.
Forex Magnates team have written a detailed report on FX in LATAM, available in the Q1 quarterly report 2012.