KBOFX is dedicated to delivering cutting-edge technological solutions that enhance communication within the derivatives market.
KBOFX, a prominent Asian commodity exchange committed to offering innovative products across various asset classes, and fostering a brand culture known for its unique approaches, robust risk management tools, and global insights, is excited to announce an initiative aimed at providing a connected network for participants in financial and commodities markets. This effort involves integrating instant messaging networks to enable open and legitimate cross-industry communication.
KBOFX has partnered with a leading data supplier to integrate their instant messaging networks, which will serve the financial and commodities markets. Upon finalising the terms of this agreement, the integrated service will be made accessible to market participants.
This collaboration will facilitate cross-platform communication among a wide range of current market players, utilising their preferred messenger services. The global financial community has widely adopted instant messaging as a reliable and free tool for communication.
The decision by KBOFX to support legacy versions of its instant messaging service and provide an API for connecting its messaging service with other networks coincided with a surge in new instant messaging account registrations.
Edgar Stansfield, Executive Director and Digitisation Lead at KBOFX, remarked, “Platforms for instant messaging have gained popularity as a means of communication in the financial markets. However, many of these platforms work in isolation, and rising regulatory scrutiny has led market participants to assess their capacity to use these platforms without exposing themselves to unwarranted risk.”
“Our work exemplifies a long-standing dedication to offering an open messaging platform that lowers communication barriers in the financial markets and enables users to comply with regulatory obligations. The number of participants in the commodities and financial markets who can now speak with one another without any barriers has increased thanks to this collaboration. Together, we are improving these communities without affecting business operations, raising expenses, or jeopardising the strict compliance and security requirements that must be met in order to compete in the modern market.”