Euroclear and HSBC Launch Automated FX Service for Euroclear Clients

Euroclear and HSBC have launched AutoFX, an automated foreign exchange service for Euroclear's securities settlement clients. The new service embeds FX execution directly into the settlement process, allowing clients to automatically source the currency they need as European and UK markets prepare to shift to T+1 settlement in October 2027.

The service links Euroclear's settlement infrastructure with HSBC's FX pricing, conversion, and liquidity capabilities, cutting operational risk and streamlining cross-border settlement activity. Initially covering more than 30 currencies, AutoFX provides clients with a real-time execution dashboard and access to intraday FX fixing points that align with settlement schedules across time zones.

The service also includes transparent pricing and liquidity optimisation tools aimed at reducing clients' excess funding requirements. Euroclear's chief business officer, Sebastien Danloy, said the move to T+1 is 'one of the most significant changes to Europe's post-trade landscape in decades.'