The Bank of Tokyo-Mitsubishi (BTM) is using Dublin-based Cognotec's AutoDeal+ system to deliver its branded online foreign exchange trading service, FX@BTM, to its Japanese customer base.
BTM originally went live with the Cognotec AutoDeal Lite dealing service in 2001 to deliver automated pricing and trading capabilities to its clients via the FXall multi-bank foreign exchange trading portal.
The bank has since upgraded to the AutoDeal+ system and introduced the FX@BTM service. Cognotec says it has added a new feature to AutoDeal+ specifically for the Japanese market that allows end-clients to request multiple trades simultaneously in order to achieve a common spot rate.
Since the launch of the FX@BTM service BTM says it has seen significant growth in online transaction volumes and expects to see a five-fold increase in the number of users in Japan before the end of 2003.
In addition, the bank is using FX@BTM to connect its North American clients to its main US dealing room in New York.