Foreign exchange brokers on the OTC market often issue multiple FX conversion rates per day, but seeing as the rates applied have an impact on the trader’s P&L, FX reconciliation is imperative. That’s why a solution like our data processing software, AUTOMAN, is so helpful, because it lets you reconcile your FX broker statements, monitor the return impact on multiple FX price sources, and run a comparison analysis. We explain more below.
How to Run FX-Efficient Reconciliation
Active traders need to monitor their trading costs with intraday data because the end-of-day spreads charged on every conversion could amount to a lot of money by the end of the year. This is indeed why the wisest among them recalculate the return conversions by comparing quote currencies to account currencies via multiple rate sources.
This important exercise helps compare the brokerage costs applied, but what’s crucial to keep in mind is that replicating the conversion methodology applied by the provider ensures your data is correct and accurate.
Of course, while in theory this may sound easily doable, the reality is that manual reconciliation is impossible to achieve, especially when there are hundreds of transactions being made everyday. But we have a solution for you.
What’s the Best System to Run FX Reconciliations?
At Wakett, we have created AUTOMAN, our data processing robot that’s here to help traders automate their FX reconciliation processes, including rates from the OTC markets. It does so by working with multiple data sources and multiple calculation methodologies, automatically and autonomously reconciling your intraday data, issuing detailed reports, and ensuring you have all the information you need to make an informed decision. What’s more, its processes can be tailored to your exact needs.
So, what are you waiting for? Get in touch with us to discover how AUTOMAN can help you improve your operations.