Bank Leumi Le-Israel of Tel Aviv has extended its license for GFI Fenics FX, pricing and risk management software from GFI Group (Nasdaq: GFIG).
The bank, a long standing client of GFI, is using the latest FENICS functionalities, including Pricing, Analysis, STP/API to export data to its back-office system including the new Structuring Module and Exotic Math Module, allowing the bank to design, price, and distribute complicated structures with ease.
Guy Hanan, Head of Options at Bank Leumi Le-Israel said, "We have been using FENICS FX since 1995 and this was an ideal opportunity to continue our partnership for the next 3 years. Our business in Israel is growing strongly in both Vanillas and Exotics and FENICS FX gives us the confidence we need in our pricing, exotic risk management and mark to market revaluation."
"This is a real vote of confidence in GFI's technology investment and our plans for the future" said Richard Brunt, head of GFI FENICS. "Israel is a very sophisticated FX options market and we are delighted that FENICS enjoys wide support amongst the participants".
The license was signed in January 2009 and Bank Leumi Le-Israel is now live with the latest version of GFI FENICS.