Saxo Bank is extending its use of GFI Fenics FX - pricing and risk management software from GFI Group, Inc (Nasdaq: GFIG).
GFI FENICS FX acts as the bank's principal front office FX options trading system, incorporating traded interbank deals and the upload of clients' deals through the bank's internal back office and banking systems.
Kurt vom Scheidt, Director, COO-Options at Saxo Bank said, "With FENICS we can manage both interbank deals and client positions uploaded from our back office in a single system, giving us a flexible overview of our FX option risk profile. We can also use multiple market data sets, some with our own curves and some with those from GFI; this control allows us to perform comparative pricing and portfolio revaluations. In addition, FENICS provides us with the tools required for fast and accurate price discovery which is critical for success when trading in the interbank market."
"Saxo signing for a further three years is a significant endorsement of the continual investment that GFI makes in FENICS", said Richard Brunt, head of FENICS at GFI Group. "Straight-through processing and a comprehensive view of all foreign exchange risk are becoming increasingly important and GFI is pleased to be helping Saxo in these areas."
Saxo has signed for the standard GFI FENICS FX package (includes Pricing, Analysis, Security Management Module, Live Rates), the FENICS Exotic Maths bundle, the CSIRO and Curtin Maths modules and the FENICS STP connection.
The new contract took effect in January and covers existing users in Copenhagen and now extends to Singapore.