Overview
MIMICS Foreign Exchange Trading Software manages the trading and accounting procedures required for institutional currency trading. MIMICS offers a complete software solution for Foreign Exchange Trading and Management. Our software provides an efficient way to print contracts and affect operating accounts. Also provided are both front and back office features including the accounting function. The software supports tracking, reporting, confirmation and settlement of spot, forward, future, and option trades. All major foreign exchange accounting is supported by our software plus the option to input unique accounting rules. Exchange rates can be direct or indirect. Trades can be made at par or can be made to either pay or receive a commission. Contact us to find out how our software can handle all your needs.
Exchange Rates
Exchange rates can be direct or indirect, and can be imported or manually entered. 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.
Customer Types
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 software. Customer beneficiaries are also tracked.
Operating Accounts
All Forex transactions can go through one of your operating accounts and affect their balance. For a more in-depth description, see our Portfolio Management software.
Reports
An extensive list of reports is included in our software, for example, detailed purchases and sales reports, currency summary reports, exchange rate reports, and commission reports. We work closely with you to create and customize reports that fit your specific needs.
Software Features
Overview/General
- Manages Institutional Currency Trading
- Affects Operating Accounts
- Prints Contracts & Reports
- Accomodates Currency Spot Trades
- Optionally Trade Currency Futures & Options
- Calculates Fees & Commissions
Currencies & Exchange Rates
- Establishes Base Currency
- Saves Default Exchange Rates
- User Can Download or Key In Default Exchange Rates
- Direct & Indirect Exchange Rates
- Trades Can Be Made At Par
- User Can Enter Cost Or The Proceeds Amount
Customer Types
- Group Customer Types
- Correspondent Banks
- Public Corporations
- Individuals
- Save Default Settings
- Track Customer Beneficiaries
- Save Default Contract Printouts
Operating Accounts
- Interface With Operating Accounts
- See MIMICS Portfolio Management Software
Reports
- Detailed Purchases & Sales
- Currency Summary Reports
- Exchange Rate Reports
Forex Trading: quick answers
What is foreign exchange trading software from MIMICS?
MIMICS Forex Trading is foreign exchange software that manages the trading and accounting procedures required for institutional currency trading. It covers both front office and back office work, including the accounting function, and supports tracking, reporting, confirmation and settlement of spot, forward, future and option trades.
Which FX instruments and rate types does MIMICS Forex Trading support?
MIMICS Forex Trading supports spot, forwards, swaps, non-deliverable forwards (NDFs) and FX options. Exchange rates can be direct or indirect, base currencies are defined in the system, and default rates can be saved, downloaded or entered manually. Trades can be made at par or set to pay or receive a commission.
Does MIMICS Forex Trading include a live trading blotter?
Yes. MIMICS Forex Trading provides a live trading blotter showing open positions, profit and loss, and exposure by currency. It also produces purchases and sales reports, currency summaries and commission reports, and applies multi-user security with different access levels and managerial approval workflows.