For decades, corporate treasurers transacting in theforeign exchange (FX) markets have been feeling their way throughthe dark.

We're all familiar with the hazards inherent in making our wayacross an unlit room. When the lights are off, the furniture, floorlamps, and area rugs all seem intent on tripping us, no matter howhard we try to avoid them. Navigating with zero visibility isuncomfortable.

For corporate treasurers who need to make cross-border payments,purchase foreign securities, and/or settle international trade,using an opaque FX platform presents the same risk of gettingtripped up that a dark room might present. The global FXmarketplace is both immense and highly fragmented. Trades occur 24hours a day, five days a week, across every time zone. Yet, despitea daily average volume of more than US$5 trillion in the aggregate,FX markets are among the least “lit” of the capital markets.

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