Overview
MIMICS Foreign Exchange Trading and Management Software 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. Contact us to find out how our software can handle all your needs.
All Forex transactions can go through one of your operating accounts and affect their balance. For a more in-depth description, see our External Reserves Portfolio Software page.
An extensive list of reports is embedded in our software, 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.
If you would like more information about our products and services, please fill out our online request form .
Overview
Our FX software easily accommodates 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.
Transactions
Our software includes a user-friendly, multi-currency management feature. This feature 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.
Customers
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 our software, which will print the applicable information. Customer beneficiaries are also tracked.
Forex Cashier
MIMICS Forex Cashier Software processes the purchase and sale of foreign currency and checks. Payments can be made by cash or check and receipts are printed for the customers. The system tracks all bills and coins of each currency. The system manages all KYC requirements, and it will warn the cashier if requirements are not being met. The system tracks exchanges between cashiers to maintain the correct number of bills and coin.
Forex Trading: quick answers
What is forex trading software for central banks?
MIMICS Forex Trading for central banks manages the trading and accounting procedures required for institutional currency trading, including FX interventions and reserve currency trading. It prints contracts, manages operating accounts, and lets every forex transaction pass through an operating account and affect its balance.
How does MIMICS Forex Trading handle taxes, commissions and exchange rates?
MIMICS Forex Trading for central banks groups customers into types and calculates the taxes and commissions that apply to each type. It allows base currency setup and default exchange rate management, and it interfaces with portfolio management software and third-party programs, so rates and charges are applied consistently across every trade.
Does MIMICS central bank Forex Trading include approval levels?
Yes. MIMICS Forex Trading runs on a multi-user platform with managerial approval levels. Reports include detailed purchases and sales, currency summaries, exchange rates and commissions, and MIMICS works with each institution to customize reports to its needs.