Cognotec and Financial Software Systems have collaborated on the development of a solution that enables banks and brokerages to deliver Web-based FX services to their margin trading clients. The integrated product, branded AutoDeal Lite-MarginTrac, is being offered to financial institutions throughout the Asia Pacific region.
Financial Software Systems, based in Pennsylvania in the US, is the developer of the Spectrum Treasury System. The company developed MarginTrac in conjunction with Refco. MarginTrac provides a real-time margin management facility, including the management of client collateral. The Cognotec AutoDeal Lite service is a foreign exchange and money market electronic rates engine which can support a range of different electronic trading channels.
David Jones, managing director for Asia Pacific, Cognotec, says initial market reaction to the joint offering has been positive. "The solution enables Margin FX service providers to provide a faster FX quote/execution service in a wider range of currencies," he says. "Customers will no longer need to wait for quotes/executions as dealers do a manual credit check or try to get a price from, or cover the position on the interbank market."