Nittan Capital can now provide electronic FX Options price matching services to complement their established voice broking business.
Banks across Asia can choose to trade Nittan Capital prices directly on their screen or by phone to Nittan Capital's FX Options broking desk.
The new service is underpinned by the ASPone Hybrid Execution Platform (HEP) system which provides bank dealers with screen-based capabilities to view and post FX option orders onto the Nittan Capital price matching system and then to execute trades on-line. The system complements Nittan Capital's voice-broking services.
Denis Cheung, Managing Director of Nittan Capital, explained "Nittan Capital are determined to maintain our position as a leading broker in Asia and see the extension of electronic price matching services to our clients as an important way to enhance their access to our liquidity. Building on our existing relationship with ASPone we plan to leverage hybrid voice and screen trading technology to ensure our clients have trade execution choice and accurate post-trade processing".
The new service means client banks across Asia can enter, hit and take at-the-money FX option orders for a large number of currency pairs and also enter orders for more complex FX options which are made available by the Nittan Capital FX option brokers who then match them for execution. The brokers also monitor trading activity and place orders on behalf of clients. Risk reversals will soon be added to the service.
The system is an implementation of ASPone's Hybrid Execution Platform which delivers a complete workflow for trading OTC instruments and integrates with other systems for post-trade processing, portfolio management, etc. Trade confirmation is achieved through integration with post trade services like TRTN (Thomson Reuters Trade Notification) and MarkitSERV to complete the workflow for all trades executed on the system.
Patrick McGrath, Chief Executive of ASPone Ltd, said "Our solution is a very good match for Nittan Capital. Its modular architecture and flexibility mean that Nittan Capital can easily extend it onto other broking desks by adding further asset classes and providing related functionality to create a single solution which can ultimately be used by the Nittan Capital brokers in all their offices and by all their clients".