The Canadian Imperial Bank of Commerce (CIBC) has licensed the latest version of Dublin-based Cognotec's AutoDeal+ pricing engine which it will use to automate its wholesale FX trading operations.
The AutoDeal+ system will provide pricing and deal execution across virtually all currencies, instruments, tenors and price formats. The platform includes Cognotec's online dealing tool, Market Rate Manager, as well as a sales desk application which will be used to automate pricing and deal entry for phone based trades being executed throughout the bank’s North American foreign exchange sales desks.
Craig Ellis, MD, CIBC World Markets, says: "Full integration between front, middle and back office systems will reduce deal ticket costs and enhance real time client services available to our staff and end clients."
CIBC will also use to the vendor's Liquidity Linq service for marketmaking among other banks using Cognotec technology.
The on-site global deployment is scheduled to go live in July.
Cognotec is also announcing the release of FX Orders Connect a new Web enabled integrated component of the AutoDeal+ platform. The order management system enables banks to offer enhanced services to corporate clients, from self-service order placement management and automated execution to the option of providing an out-of-hours service with partial or complete outsourcing of orders.
Separately, Cognotec has also launched RealStream, a stand-alone system that enables banks to deliver executable streaming rates (ESR) to clients.
The vendor says RealStream will enable banks to maintain and optimise margins whilst offering clients a fast and reliable trading system. Clients automatically receive their chosen currencies on their desktop, with prices constantly being updated by the bank.
The system also allows banks to deliver prices over a range of channels, including portals, proprietary platforms and a RealStream API for integration with different points of sale. The Market Rate Management online dealing tool is also included.