Marketplace MillTechFX Launched by Millennium Global Wins Supports from City Grandee Ronald Cohen

Millennium Global, one of the world's largest currency managers, recently announced that it has launched MillTechFX, an independent, comparative multi-bank FX marketplace with a focus to reduce FX execution costs and operational burdens. The company also proudly announced that Sir Ronald Cohen, widely known as 'the father of British venture capital', has  invested in MillTechFX and joined its international advisory board. 

Headquartered in the world's largest FX hub London, MillTechFX is authorised and regulated by the UK's Financial Conduct Authority (FCA), registered with the USA's National Futures Association (NFA) and Canada's Financial Transactions and Reports Analysis Centre (FINTRAC). 

MillTechFX harnesses the purchasing power of Millennium Global, which has 25 years of FX expertise, USD 600 billion in annual FX volume and USD 20 billion in assets under management, to provide its clients with preferential rates from its 10+ counterparty banks, enabling best execution via its platform and outsourced execution services. 

The company highlights the need of a cost-effective FX marketplace for currency execution and aims to support users through a frictionless approach. By offering real-time reporting and independent transaction cost analysis (TCA), MillTechFX allows customers to see the total cost of their FX execution to evidence best execution.

Eric Huttman, CEO of MillTechFX, said: "Until now, the operational burden, cost and complexity associated with multi-bank FX access was too great for most asset managers, corporates and institutions. MillTechFX is a complete game changer for these firms as it's the first time they have been provided with this level of access through a single platform. We, at minimum, seek to cut our clients' FX execution costs in half and feedback so far has been overwhelmingly positive. As a firm with global ambitions, we look forward to extending the benefits of our marketplace to European corporates and asset managers."

Sir Ronald Cohen said: "For too long, the best FX rates have been reserved for firms with the most resources, leaving mid-sized asset managers and corporates to overpay for FX execution. MillTechFX's new, independent platform makes the best bank FX rates available to all."