London, December 2019 – Brady plc and Paxos, a regulated financial institution that digitizes and mobilizes assets, today announced a strategic agreement to introduce Paxos’ commodities and FX Post-Trade automation service to Brady’s customers, thereby achieving significant time and cost savings in Brady’s OTC trade confirmation process.
Brady’s commodities trading solution supports end-to-end processes for standard contracts to complex derivatives, from booking trades to generating electronic confirmations to counterparties. Brady solutions are deployed by some of the most globally renowned commodity trading firms and producers of precious and base metals in the industry.
In OTC commodities trading, the confirmation process is highly manual and time-consuming, with primary communication conducted via email. This process is inefficient and generates unnecessary risk. With this agreement, Brady’s customers, based on their requirements, will be able to tap into Paxos’ market leading automation technology, to eliminate over 90 percent of time spent these processes.
The flexibility of Brady’s software architecture enables Paxos’ solution to be deployed without the need for separate installations or integration. Paxos’ solution can help Brady’s customers reduce trade confirmation times and automatically affirm net settlement amounts. Furthermore, automatic notifications of mismatched trades and settlement breaks are sent, helping trading participants to reduce their potential market exposure and strengthen controls.
“We are very pleased to be entering into this strategic agreement with Paxos. We view their solution as ‘best of breed’ in the automatic post trade confirmation space. Brady is committed to delivering differentiated and value-added solutions to its customers to address their key challenges in trading life cycle processes and support business growth. This new partnership brings us a step closer to helping our customers create an ecosystem of trading solutions that work together to improve efficiency and effectiveness,” says Carmen Carey, CEO, Brady plc.
“We look forward to embarking on this partnership with Brady, who have a strong reputation in the commodities trading software space,” says Alex Long, Product Director of Paxos. He adds, “Post-Trade processes in commodities and FX trading are slow, risky and out of date. By implementing the Paxos Post-Trade service into their workflow, Brady and its customers will save time, reduce risk and streamline their operations, all while saving money.”
About Brady in Commodities
Brady provides trading, risk and logistics management software solutions to global commodities markets. Our mission is to empower you to trade confidently, profitably and sustainably today and in the future.
Our customers include start-ups to leading multinationals trading in metals and agricultural commodities. Brady sits at the core of their mission critical trading operations, supporting billions of dollars’ worth of transactions.
Brady solutions help front, mid and back office teams to better understand costs throughout the financial and physical trading life cycle, assess market and credit risks in real-time and efficiently manage the logistics involved in the timely delivery of commodities.
Whether you have small or large portfolios, you can scale selected functions and pay simply for what you need.
We believe in long-term collaborative relationships with our customers. Many have been with us for over 20 years. We are an independent company, agile in the way we do business and how we provide customer service. With over 30 years’ experience in this industry, our workforce includes ex traders and sector specialists, who continually keep abreast of market changes.
Paxos is a New York-regulated financial institution on a mission to create a global, frictionless economy. By building infrastructure to enable the movement between physical and digital assets, Paxos is creating a future where all assets—from money to commodities to securities—are digitized and can move instantaneously, 24/7.
Today, as the first regulated Trust company for digital assets, Paxos technology makes it possible to tokenize, custody, trade and settle assets. Paxos products include: Post-Trade Confirmation Service, which has been used to confirm over $1 trillion commodities and FX trades; Paxos Standard (PAX), the world’s most liquid regulated stablecoin; Paxos Settlement Service, a private, permissioned blockchain designed to settle securities between two parties bilaterally and more. With offices in New York, London and Singapore, Paxos takes a global view of modernizing the financial system. Learn more at www.paxos.com.