Overview/General
- Manages Institutional Currency Trading
- Affects Operating Accounts
- Prints Contracts & Reports
- Accomodates Currency Spot Trades
- Optionally Trade Currency Futures & Options
- Calculates Fees & Commissions
MIMICS Foreign Exchange System Overview
MIMICS Foreign Exchange System effectively manages the trading and accounting procedures required for institutional currency trading. The system provides an efficient and effective way to print contracts and affect operating accounts.
Our software has been designed to easily accommodate currency spot trades, forwards, futures, and options. Any currency can be used as the base currency depending upon the requirements of the trade. The system 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. Beneficiaries and beneficiary banks are maintained on the system in order to automatically create payment instructions.
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. Trades can be made to either pay or receive a commission and it can handle any kinds of fees and applicable taxes. The system can handle any number of methods for calculating profit. Either the Cost or the Proceeds amount can be entered to calculate the other.
Each customer on file is grouped by 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. 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 our MIMICS Portfolio Management System.
An extensive list of reports is included in the system, for example, 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.
If you would like more information about our products and services, please fill out our online request form.