Bank of Tokyo-Mitsubishi (BTM) has selected Cognotec Japan, a joint venture between Softbank Finance and Dublin-based Cognotec, to provide online foreign exchange dealing and interfaces to the FXall currency trading network.
BTM is to wire up its trading desks using Cognotec's AutoDeal Lite application service provider (ASP) model. The implementation will enable the bank to provide online FX dealing services to corporate customers through its three major dealing locations Tokyo, London and New York from this spring, says the company.
BTM says it will also implement the recently launched Cognotec FXall Connect service, to provide prices to the bank-backed multi-dealer currency trading platform FXall.
BTM says that by adopting the Cognotec ASP model, it will not have to build its own infrastructure, thus enabling it to reduce upfront costs and shorten the implementation time scale for connection to FXall.