Commonwealth Bank of Australia has selected GFI Group's pricing and analytics tool Fenics FX as a global standard for use in all its FX option trading and sales activities.
Peter Coad, head of trading and product management, Commonwealth Bank, says FX risk management is a core activity and clients expect fast and accurate pricing, with specialist risk management products and value added advice.
"Identifying a risk management and pricing environment designed to allow efficient delivery across these key requirements was critical to maintaining a leading market position," adds Coad.
James Watson, global head of sales, GFI, says the application provides benchmark pricing and risk management and includes APIs which allow the solution to be customised and integrated with existing market data and trade processing systems.
Citing Reserve Bank of Australia figures, GFI says average daily volume of total FX option trades for the Australian dollar grew by over 40% over two years, from A$3.6 billion December 2000 to A$5.1 billion December 2002.