Atilla Burmali, senior system analyst at GarantiBank said, ""The bank needed better security and transparency for revaluing and managing its forex options positions. We can perform instant revaluations ourselves, using FENICS FX, rather than having to use an external supplier with delayed revaluation, which is very important in volatile markets. With FENICS FX, we can also control the market data that we use - a great improvement on the bank's previous set-up."

GarantiBank has licensed FENICS FX's Pricing, Analysis, Security Management Module, Live Rates and Exotics Maths. The bank is also using the FENICS STP connection for integration of FX options positions from its corporate banking and risk management system.

GarantiBank signed for FENICS FX in July and went live that month.

Separately, GFI Group Inc. (GFIG on NASDAQ) and Prism Valuation Inc, a provider of valuation and risk management services, have signed a multi-year agreement for Prism to use GFI credit derivatives data in its valuation services.

Greg Cripps, president and ceo of Prism Valuation Inc. said, "We are very happy to be using GFI data. We firmly believe that GFI's high-quality, truly representative, independent data is key to providing effective structured product valuation services."

"GFI's credit market data, sourced from CreditMatch, GFI's award-winning electronic trading platform, reflects real market prices, where counterparties are prepared to commit capital, rather than consensus or aggregated data," said Philip Winstone, global head of data sales at GFI. "We believe our partnership with Prism Valuation cements GFI data as a vital ingredient in determining the value of credit derivative positions."