Source: GFI Group
GFI Group (NASDAQ: "GFIG") announced today that Mizrahi Tefahot Bank of Israel has deployed FENICS Professional™ for pricing and risk management of its FX options business. Mizrahi Tefahot Bank, one of the leading banks in Israel in the field of FX trading, derivatives and options, has been a client of GFI FENICS℠ since 1998.
Mr. Doron Levy, Dealing Room Manager at Mizrahi Tefahot Bank of Israel said: "We highly value FENICS Professional for its robust functionality for pricing, calculation of non-linear risks, structured pricing functionality, and market data. It is a strong tool to support dealers' portfolio management". Mr. Levy added, "We are very pleased with the new functionality that has been added to the system that is fully integrated with our back-office system. The new FENICS Enterprise module will allow our Middle Office to use FENICS Pricing via an Excel interface for internal purposes."
Richard Brunt, Head of FENICS at GFI Group commented: "The new release of FENICS Professional- version 12.1- will include functionality that has come directly from client feedback, such as the addition of sales term sheets, the ability to spread prices by counterparty and the tools to distribute retail structures directly to sales and branch networks. It is this scalability of FENICS Professional that continues to attract blue ribbon clients to the product."
The agreement includes a new commitment for 3 years.
GFI FENICS continues to expand its presence in the Israeli market where it enjoys a broad client base.
FENICS Professional is a suite of pricing, trading, risk management and STP (straight-through processing) components allowing customers to control, monitor and oversee every aspect of FX option trading and lifecycle management from one single interface.