Millennium Global Launches Multi-bank FX Marketplace MillTechFX

Fazzaco learned that Millennium Global, one of the world's largest currency managers, has launched MillTechFX, an independent, comparative multi-bank FX marketplace which reduces FX execution costs and operational burdens.

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. MillTechFX's counterparty banks include ANZ, Bank of America, BNP Paribas, Citi, HSBC, Morgan Stanley, NatWest, Standard Chartered, State Street and UBS.

The company said it ensures transparency, which is at the heart of each stage of the execution process by offering real-time reporting and independent transaction cost analysis (TCA) that 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."

​Headquartered in London, the world's largest FX hub, 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). With multiple well-known clients already trading, and dozens more in the pipeline for onboarding, the firm said that it is now expanding into Europe, having recently opened a new European subsidiary in Paris that's in the process of seeking regulatory approval.