UBS connects currency derivative trading system to GFI's Fenics FX

Source: GFI

GFI Group Inc. (GFI) an inter-dealer brokerage, market data and analytical software provider for global cash & derivative markets announced today a new initiative to offer UBS' clients an enhanced FX option trading solution designed to reduce errors associated with manual trade entry.

A new connection is now available between UBS' electronic currency derivative trading screen, FX Option Trader and GFI's pricing and analytical system for both vanilla and exotic FX options, FENICS FX. The new initiative will automatically feed all FX option trades conducted through FX Option Trader into FENICS FX where the clients can then perform position revaluations.

Market professionals who use FX Option Trader and have adopted FENICS FX as their front office pricing, revaluation and trading decision support system for FX options, will benefit the most from this new connectivity to UBS’ currency derivative trading platform.

FENICS FX is widely used by banks, hedge funds and corporates throughout the world and therefore this initiative is expected to be of great value to a large number of UBS’ clients. Users will benefit from an enhanced trading experience and a reduced need for manual intervention in booking and transferring FX option trade details, which it is believed will help clients to control their exposure to operational risk.

Greg Ford, Head of Trading and Partner at BGB Weston said; "As a user of both FENICS FX and FX Option Trader, we stand to benefit a great deal from the decision to connect the two systems together. It allows us to be confident in the knowledge that FENICS FX, our pricing and revaluation software always contains the latest and most accurate trade information reflecting our up to date positions, therefore permitting us to concentrate on making the most of trading opportunities."

Steve McMillan, Senior Managing Director of Europe at GFI said: "UBS is renowned for its capabilities in the currency derivatives arena with its trading platform adopted by a large percentage of both the buy and sellside market professionals. GFI is therefore delighted that FENICS FX is able to assist UBS bring more value to its clients."

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