Sir Ronald Cohen backed MillTechFX launches multi-bank FX marketplace

Millennium Global, one of the world’s largest currency managers, has announced that it has launched MillTechFX – an independent, comparative multi-bank FX marketplace which reduces FX execution costs and operational burdens, with the backing of Sir Ronald Cohen, widely known as ‘the father of British venture capital’.

The business has been in build mode for the last 12 months, signing up 10+ market making banks to provide rates, bringing its model to market and accumulating client business from asset managers, corporates and institutional investors. Clients have traded billions of USD to date, with usage growing every month.

According to Millennium, these types of firms have had no choice but to suffer from significantly overpaying for their currency execution and hedging requirements as well as the operational burden of implementing and managing multiple relationships to seek best execution.

MillTechFX harnesses the purchasing power of Millennium Global, which has 25 years of FX expertise, USD 600 billion in annual FX volume and USD 20 billion in assets under management, to provide its clients with preferential rates from its 10+ counterparty banks, enabling best execution via its platform and outsourced execution services. MillTechFX’s counterparty banks include ANZ, Bank of America, BNP Paribas, Citi, HSBC, Morgan Stanley, NatWest, Standard Chartered, State Street and UBS.

City grandee, Sir Ronald Cohen, has invested in MillTechFX and joined its international advisory board. Sir Ronald Cohen is a preeminent international philanthropist, venture capitalist, private equity investor, social innovator, and vanguard of the global impact investing revolution. He was co-founder and Executive Chairman of Apax Partners Worldwide LLC and has chaired numerous global initiatives on impact investment.

Headquartered in London, the world’s largest FX hub, MillTechFX is authorised and regulated by the UK’s Financial Conduct Authority (FCA), registered with the USA’s National Futures Association (NFA) and Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC). With multiple well-known clients already trading, and dozens more in the pipeline for onboarding, the firm said that it is now expanding into Europe, having recently opened a new European subsidiary in Paris that’s in the process of seeking regulatory approval.

MillTechFX has been machine-tooled from the bottom up with non-FX expert users in mind and is wholly intuitive and customisable, offering a frictionless, streamlined workflow from execution to reporting and settlement.

The company said it ensures transparency, which is at the heart of each stage of the execution process by offering real-time reporting and independent transaction cost analysis (TCA) that allows customers to see the total cost of their FX execution to evidence best execution.

Eric Huttman, CEO of MillTechFX, said:

“Until now, the operational burden, cost and complexity associated with multi-bank FX access was too great for most asset managers, corporates and institutions. MillTechFX is a complete game changer for these firms as it’s the first time they have been provided with this level of access through a single platform. We, at minimum, seek to cut our clients’ FX execution costs in half and feedback so far has been overwhelmingly positive. As a firm with global ambitions, we look forward to extending the benefits of our marketplace to European corporates and asset managers.”

Sir Ronald Cohen said:

“For too long, the best FX rates have been reserved for firms with the most resources, leaving mid-sized asset managers and corporates to overpay for FX execution. MillTechFX’s new, independent platform makes the best bank FX rates available to all.”

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