Foreign Exchange Rate Integrity®
Find out what your FX provider is really charging you.
Most corporate FX is transacted at an all-in rate. The markup — the difference between that rate and the interbank mid-market rate at the moment of execution — is never itemized on an invoice.
Efficiency. Clarity. Integrity.
Treasury sees a rate. It does not see the markup or spread.
Foreign Exchange Rate Integrity®
How FXRI® works
Working from your own trade records, BII back-tests every transaction against interbank mid-market rates from leading market data services. The result is a basis-point view of what each bank or fintech provider actually charged, trade by trade.
1
Data
BII collects your own FX trade history, ideally six months: time zone, trade date, time stamp, debit and credit amounts and currencies. Nothing else is wanted.
2
Back-test
Each trade is compared to the interbank mid-market rate prevailing at its recorded execution time. You receive a pricing matrix showing each provider's markup in basis points and in dollars.
3
Negotiate
Where markups are excessive, BII advises and supports negotiation for written FX agreements, with pre-agreed spreads over the interbank mid-market rate.
4
Monitor
Once new spreads take effect, BII performs recurring reviews testing each provider's compliance. Variances are documented and, where significant, can warrant a refund.
Transparency
The Borland Curve
A representative fair-price line built from BII's review experience. It plots expected markup in basis points against annual FX flow volume, set against what an indifferent client tends to pay.
The gap between them is the cost of indifference, and the space FXRI® is designed to recover.
Read Jack's article: Who costs your firm more? →"Making the true cost of foreign exchange
visible, fair and verified."
Foreign Exchange Rate Integrity®
Who we work with
Corporate treasury
Your major trades go to auction, but smaller payments run through cash management at whatever rate is applied. FXRI® shows what every trade cost, by bank and by channel.
Case Studies →Middle-market companies
Without a dedicated FX desk, there's no way to challenge the markup. We measure it, negotiate a written spread with your existing bank, and check it every month.
FX Pre-Agreed Spread Agreements →Banks and financial institutions
Independent measurement of FX Pricing on transactions sourced through upstream correspondents, allowing improved revenue share and client pricing performance.
Foreign Exchange Rate Integrity® →Blades International also advises on Letter of Credit structuring and international banking relationships.
Letter of Credit →
International Banking →
Starting a review
Request a complimentary FX Rate Integrity® Review
Send months of trade data and receive an indication of the basis-point breakdown of each provider's spread. No obligation.
Request your review →- Bob BladesFounder & President · [email protected]
- Jack BorlandManaging Director, Foreign Exchange · [email protected]
- Juan PereiraVice President · [email protected]