Euroclear and HSBC Unveil AutoFX: Automated FX Service for Cross-Border Settlement

European markets are gearing up for the transition to T+1 settlement, which requires cross-border investors to secure currency within a shorter post-trade window. To address this challenge, Euroclear has partnered with HSBC to launch an automated FX service called AutoFX.

The new service will initially support over 30 currencies and is scheduled to go live in early 2027, before the UK and EU switch to T+1 on October 11, 2027. AutoFX will identify the currency required for a securities transaction and execute the conversion through the settlement workflow.

HSBC will handle FX pricing and liquidity, while Euroclear will provide the settlement infrastructure. Clients will receive an execution dashboard showing their currency activity and have access to multiple intraday fixing points to choose from.