SWIFT has announced that HSBC is the first customer to use its new FX Business Insights information service. The new FX service from SWIFT allows its customers to continuously measure their FX business performance and make strategic decisions, based on metrics derived from actual transactions rather than survey-based information.
FX Business Insights is derived from SWIFT messaging that supports the legal confirmation process for the global FX markets. The FX transactions confirmed over SWIFT cover more than 133 currencies across 219 countries and territories.
FX Business Insights is based on aggregated anonymised data and is subject to SWIFT's strict guidelines on what information can be shared, in order not to compromise the confidentiality of SWIFT data and prevent indirect identification of peers.