--- title: "Agency FX Trading & Cash Equitization Services" ocid: "ocds-b5fd17-dcdd3bc0-f4bb-4ddf-903e-1db9b2fdf023" canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-dcdd3bc0-f4bb-4ddf-903e-1db9b2fdf023" markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-dcdd3bc0-f4bb-4ddf-903e-1db9b2fdf023.md" json_url: "https://d3tenders.com/contract/ocds-b5fd17-dcdd3bc0-f4bb-4ddf-903e-1db9b2fdf023.json" source: "Contracts Finder" current_stage: "Planning" buyer: "BRUNEL PENSION PARTNERSHIP LIMITED" published: "2024-03-27" --- # Agency FX Trading & Cash Equitization Services Buyer: BRUNEL PENSION PARTNERSHIP LIMITED Current stage: Planning OCID: ocds-b5fd17-dcdd3bc0-f4bb-4ddf-903e-1db9b2fdf023 [View canonical contract page](https://d3tenders.com/contract/?ocid=ocds-b5fd17-dcdd3bc0-f4bb-4ddf-903e-1db9b2fdf023) [Download OCDS JSON](https://d3tenders.com/contract/ocds-b5fd17-dcdd3bc0-f4bb-4ddf-903e-1db9b2fdf023.json) ## Summary Brunel Pension Partnership Limited, a UK Local Government Pension Scheme pool, is planning a procurement process for "Agency FX Trading & Cash Equitization Services" in the security brokerage services industry. The engagement end date for this planning stage is set for April 30, 2024. The procurement opportunity aims to identify vendors capable of providing cash equitization and agency FX trading services. Interested parties must submit their capabilities by noon on April 30, 2024, to procurementqueries.brunel@brunelpp.org. Suppliers with experience in streamlined investment processes and agency FX trading without proprietary trading books are encouraged to participate. This tender from Brunel Pension Partnership Limited presents a business growth opportunity for firms specialising in security brokerage services, portfolio management services, and foreign exchange services. Small and medium-sized enterprises (SMEs) with relevant experience are particularly well-suited to compete. The procurement process includes a soft market test currently, with the potential for a formal contract opportunity notice in the future. Interested businesses can explore providing auxiliary services to complement the core offerings and enhance value for Brunel. ## Notice Brunel Pension Partnership (Brunel) is one of eight UK Local Government Pension Scheme pools, bringing together ~PS35 billion of investments of ten like-minded funds. We are seeking a single vendor to provide a number of specific implementation services. At this stage this opportunity is soft market test only and not a call for competition. The Contracting Authority may or may not subsequently publish a formal contract opportunity notice in the future. The main purpose is to understand how many providers within the market are able to provide both of the below services: 1) Cash Equitization Services We are seeking to "equitize" residual cash within applicable multi-manager funds. This involves applying market exposure through derivatives, retaining access to cash for operational purposes, but attaining market risk premium exposure. Our initial focus would relate to 6 of our equity funds which have average cash balances of 1-2% (see attachment). - We seek a streamlined investment process, minimising work for our inhouse operations team. - Providers must demonstrate specific experience delivering this specific service as a standalone service (not just general futures execution services). 2) Agency FX Trading Our current approach is that most of our underlying asset managers competitively trade their required spot FX transactions on their respective investment mandates, however some FX trading is done by our custodian. Our intention is to leave trading with managers in the majority of instances, but identify an "agency only" FX trading partner, who can be used as an alternative to our custodian in select parts of our portfolio. Accounts to be included within this program would be decided on a case-by-case basis by Brunel's inhouse team. We estimate the typical annual volume which could be traded via this partner to be in the region of $2bn, with a wide range of currencies traded. This could be from somewhere in the region of 30-50 individual manager/client accounts (some of which may sit within our ACS structure, and some may be Non ACS accounts). All transactions need to be traded on an agency only basis, and our preference is to appoint a provider who only trades on an agency basis (i.e. no proprietary trading book within any part of their business, removing conflict of interests). Additional Services - as we consider the overall suitability and fit of service providers, we are seeking information about the potential wider value add to Brunel. With that in mind, please outline any additional auxiliary services which providers could offer (now or in future), complementing the core services outlined above, and how this would relate to Brunel. Interested parties are requested to indicate their capabilities for both services requested and return via email to procurementqueries.brunel@brunelpp.org by 12pm on the Return Date (April 30 2024). Queries should be submitted to procurementqueries.brunel@brunelpp.org before April 19th 2024. ## Key Details | Field | Value | | --- | --- | | Publication source | Contracts Finder | | Latest notice | https://www.contractsfinder.service.gov.uk/Notice/27db4b8d-f4de-4515-af23-499bfa732b3b | | Notice type | Market Engagement Notice | | Procurement type | Standard | | Procurement category | Not specified | | Procurement method | Not Specified | | Procurement method details | Not specified | | Tender suitability | SME | | Awardee scale | Not specified | | All stages | Planning | ## Dates | Field | Value | | --- | --- | | Publication date | 27 Mar 2024 | | Submission deadline | Not specified | | Future notice date | 30 Apr 2024 | | Award date | Not specified | | Contract period | Not specified | | Recurrence | Not specified | ## Values | Field | Value | | --- | --- | | Tender value | Not specified | | Lots value | Not specified | | Awards value | Not specified | | Contracts value | Not specified | ## Status | Field | Value | | --- | --- | | Tender status | Planning | | Lots status | Not specified | | Awards status | Not specified | | Contracts status | Not specified | ## Buyer | Field | Value | | --- | --- | | Main buyer | BRUNEL PENSION PARTNERSHIP LIMITED | | Locality | BRISTOL | | Post town | Bristol | | Postcode | BS1 6PU | | Country | England | | ITL 1 | TLK South West (England) | | ITL 2 | TLK5 West of England | | ITL 3 | TLK51 Bristol, City of | | Local authority | Bristol, City of | | Electoral ward | Central | | Westminster constituency | Bristol Central | | Delivery location | TLK South West (England) | ## CPV Codes ### Divisions - 66 - Financial and insurance services ### Codes - 66131000 - Security brokerage services - 66140000 - Portfolio management services - 66180000 - Foreign exchange services ## Release History - 27 Mar 2024 at 14:56 - Planning - Market Engagement Notice - https://www.contractsfinder.service.gov.uk/Notice/27db4b8d-f4de-4515-af23-499bfa732b3b ## Documents - https://www.contractsfinder.service.gov.uk/Notice/27db4b8d-f4de-4515-af23-499bfa732b3b 27th March 2024 - Early engagement notice on Contracts Finder - https://www.contractsfinder.service.gov.uk/Notice/Attachment/af5de4c0-7235-4062-9b9c-34a8ce0fe16b Further information on Brunel's funds in scope for the Cash Equitization service. ## Notice URLs - http://www.brunelpensionpartnership.org ## Provenance This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-b5fd17-dcdd3bc0-f4bb-4ddf-903e-1db9b2fdf023. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-b5fd17-dcdd3bc0-f4bb-4ddf-903e-1db9b2fdf023.json.