Dublin-based FX trading systems vendor Cognotec has lanuched Market Rate Manager, an online dealing tool designed to increase the reliability of bank foreign exchange prices using multiple rate feeds.
Market Rate Manager gathers rates from multiple sources and blends them to a specific criteria, allowing firms to deliver consistent pricing across distribution channels. In addition, rates can be defined by geographical zone, currency pair and instrument.
The application can be also be configured to monitor specific market conditions. Dealer's can specify a 'watch list' of rates they wish to monitor and request that the system provides volatility warnings if the market moves outside of defined spreads. Users can withdraw or skew automatic rates at all times.
Kevin Galliers, VP sales, Cognotec, says the tool allows dealers to utilise their experience to ensure the delivery of 'on market' prices, rather than forcing routine deals above or below a certain value to be scrutinised.
"This allows banks to confidently deliver consistent rates on higher ticket deals and larger volumes. As a result these can go straight through the automated dealing system with reduced manual input and therefore reduced costs," he says.
The tool forms part of Cognotec's component-based suite of dealing products, AutoDeal+.