Last Updated on: 22nd November 2023, 03:46 pm
KBOFX is dedicated to delivering top-notch technological services aimed at bolstering the derivatives market.
KBOFX, a prominent Asian commodity exchange, is making significant strides in providing cutting-edge products across diverse asset classes. The company is also focused on establishing a brand culture recognised for its unique approaches, robust risk management tools, and global insights. In a recent development, KBOFX is delighted to announce the creation of an interconnected network through its internal service instant messaging system, facilitating communication among a wide range of stakeholders in the financial and commodities markets.
In a strategic move, KBOFX has partnered with a leading data supplier to integrate their instant messaging networks, fostering open and legitimate cross-industry communication within the financial and commodities sectors. Once the terms of the agreement are finalised, this integrated service will become available to market participants.
This partnership will enable seamless cross-platform communication for numerous market participants, allowing them to utilise various messenger services. The global financial community has been instrumental in developing this instant messenger, a well-known and free tool for instant messaging communication.
The announcement that KBOFX intends to support legacy versions of its instant messaging service and its API for connecting with other networks coincided with a surge in new instant messaging account registrations.
Edgar Stansfield, Executive Director and Digitisation Lead at KBOFX, commented on the development, saying, “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.”
Stansfield added, “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.”
