MillTechFX wins 'World’s Best FX Risk Management Solution'

MillTechFX was named ‘The World’s Best FX Risk Management Solution’ in the Euromoney Foreign Exchange Awards 2024, held on Thursday 26^th of September 2024 at the Mandarin Oriental Hyde Park in London.

The Euromoney FX Awards represent the next iteration of the Euromoney Foreign Exchange Survey, which for more than 44 years stood as the most comprehensive representation of the wholesale FX market. The awards bring together the industry’s best and brightest to celebrate excellence in the global FX market.

The award entries were judged by a panel of global experts representing banks, providers and buy-side corporations who sought robust examples of excellence and innovation in the market.

Eric Huttman, CEO at MillTech, said:

With rising global economic uncertainties, shifting monetary policies, and geopolitical events, the significance of tech-enabled FX risk management cannot be overstated. Winning this award is a powerful testament to the MillTechFX team's unwavering dedication and commitment. It also underscores the enhanced transparency, robust governance and efficiency benefits that our FX-as-a-Service model delivers.

As volatility returns to the FX market, it’s vital that corporates and fund managers take a proactive approach to FX risk management to protect their returns. However, when it comes to FX risk management, these firms have historically struggled due to a lack of transparency, limited market access, inconsistent pricing and manual operational tasks.

At MillTech, we are levelling the playing field for these firms by automating the FX process from initial price discovery right through to reporting at the end of the trade lifecycle.

We provide:

• Easy and quick onboarding – Rather than spending months (even years) setting up multiple FX facilities with different counterparties, firms can sign up to a multi-bank marketplace and transact within weeks with up to 15 Tier 1 counterparty banks.
• Best execution and hedging management – Clients benefit from multi-bank access without having to manage multiple relationships and processes. They can transparently compare and execute FX rates from multiple providers on a single marketplace and ensure best execution with a simple click of a button.
• Cost savings – MillTech has saved clients up to 70% on their execution costs.
• Transparency – MillTech offers a fixed fee service, including third-party Transaction Cost Analysis (TCA) to ensure total cost transparency.

As a result of the growing priority of FX risk management from senior finance decision-makers across the globe, combined with their desire for a transparent, operationally simple solution, we have experienced rapid growth in recent years.

MillTech’s annualised client FX volumes now exceed $200 billion, while our revenue grew 6x year on year in 2023 and is expected to double this year.

If you’re interested in finding out more about the ‘The World’s Best FX Risk Management Solution’, get in touch today: https://milltech.com/contact/