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GFI Group renames Fenics Trader GFI Direct

14 January 2013  |  1395 views  |  0 Source: GFI Group

GFI Group Inc. (NYSE:GFIG) announced today that the Fenics FX options multi-bank trading platform "Fenics Trader" will now be operated by regulated subsidiaries of GFI Group Inc. and renamed GFI Direct.

This repositioning of the Request for Quote "RFQ" platform for FX options responds to the requirements of the new regulatory environment introduced by the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations issued by the CFTC.

Paul Millward, Head of FX E-Commerce at GFI Group said: "We are delighted to be taking responsibility for building on the success of FENICS Trader under the GFI Direct brand. Our GFI Direct customers will continue to receive the high level of service that they currently receive from FENICSSM. In addition, we will develop the GFI Direct product as a key part of GFI's FX ecommerce strategy".

Richard Brunt, Managing Director of FENICS, explained the changes: "We are making these changes in response to US regulations enacted as part of the Dodd Frank Act. This transition will not inconvenience our clients or our liquidity providers with no change to their existing workflow", Brunt continued: "GFI Direct will be available as a trading venue via the FENICS ProfessionalSM desktop, with auto population of order requests to GFI Direct and STP of post trade details for risk management and downstream processing".

FENICS Trader was launched in February 2011.FENICS Trader is a single point of access to multi-bank liquidity for foreign exchange options. It facilitates independent FX options price discovery, offering a "many-to-many" venue for bilateral trading and execution. 

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