Wall St Systems launches ESN
The New York-based vendor launched ESN on October 15, in an attempt to offer Tier II and III banks cheaper post-trade processing, using a transaction-based model for foreign exchange, cash and OTC derivatives. It is hoped ESN will drive down trade costs for Tier II and III banks from about $25 a trade to the $1 a trade seen at larger counterparts.
"As the foreign exchange and cash markets continue to grow, trading volumes are aggregating to the top few players," said Tony White, managing director
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