MIMICS Foreign Exchange System for Central Banks Overview
MIMICS Foreign Exchange Trading and Management System effectively manages the trading and accounting procedures required for institutional currency trading. It provides an efficient and effective way to print contracts and affect operating accounts.
Our software has been designed to easily accommodate currency spot trades. Currency options and futures can be traded if applicable as well. It includes a multi-user platform that allows for different security access levels and incorporates a managerial approval/verification system for all trades and accounting entries. Trades can be entered, fees and commissions can be calculated, accounting entries can be produced, and contracts can be printed.
A user-friendly, multi-currency management system has been integrated into the system. It allows for a base currency to be established and default exchange rates with foreign currencies can be saved, downloaded, or manually entered at the time of the trade. Exchange rates can be direct or indirect. For example, you may use the indirect rate when purchasing foreign currency and the direct rate when selling foreign currency, and if so we can make those defaults for you. Trades can be made at par or can be made to either pay or receive a commission by overriding the default exchange rate. Either the Cost or the Proceeds amount can be entered to calculate the other.
Each customer of yours on file is grouped into a customer type, such as Correspondent Banks, Public Corporations, or Individuals. Default settings can be saved on the customer type, such as if the trade is at par or with a commission or if the customer is to receive a tax or fee charge on the transaction. If taxes are levied, the rate can be saved and the amount can be calculated based upon the amount of the trade. The customer type defaults will also translate to the contract printed by the system, which will print the applicable information. Customer beneficiaries are also tracked.
All Forex transactions can go through one of your operating accounts and affect their balance. For a more in-depth description, see the Portfolio Management Overview.
An extensive list of reports is embedded in the system, including detailed purchases and sales reports, currency summary reports, exchange rate reports, and commissions reports. We work closely with you to create and customize reports that fit your specific needs.
Let MIMICS FOREX Trading & Management System work for your organization.
If you would like more information about our products and services, please fill out our online request form.