Genesis has teamed up with XP to launch a new PoP product, dubbed FX Prime, a trade capture application developed for FX & rates trading desks with Prime Broker integration. With this new product suite, the application supports FX Option trade capture for both single-leg trades and multi-leg strategies, as well as spot, forwards, swap, NDFs, and interest rate swaps deals.
Genesis bills itself as the low-code platform for capital markets software development, which enables the rapid creation of products and solutions without having to write substantial lines of code. The paradigm has increasingly gained momentum in the financial industry as it enables relevant service providers to build their own solutions faster and simpler.
Both firms have originally partnered in February 2020 to build products that aim to automate workflows. They initially joined forces to develop a treasury product to automate workflow management between the trading desk, institutional clients and wealth managers.
Following the success of the treasury product, the two firms turned to develop a suite of complementary post-trade and wealth management products.
XP Investments is a multi-asset broker that provides trading on stocks, fixed income and derivatives products to both retail and institutional investors. The broker is the US subsidiary of Brazilian financial services platform, XP Inc (XP.O), which has a market capitalization of $23.16 billion.
Commenting on the news, Eduardo Hargreaves, Head of FX and rates agency desk at XP Investments, said: “Since launching our FX desk earlier this year, we have continued to expand our offering beyond FX products to include Interest Rate Swaps. This is one of the great advantages of the Genesis low-code platform.”
Stephen Murphy, CEO of Genesis, added: “This announcement also reflects our ongoing commitment to the Brazilian marketplace. As part of our global growth strategy, this announcement with XP Investments is further evidence of our success in the region, building on our partnership with B3, the primary Brazilian stock exchange and Banco Bradesco, Brazil’s second-largest bank by total assets, to drive digital transformation. Not all low-code applications are fit for the complex and robust requirements of the global financial markets and we are proud to play our part in supporting these leading Brazilian institutions as the Low-Code platform native to financial markets.”