Source: GFI Group
GFI Group Inc. ('GFIG' on NASDAQ) has launched FENICS dealFX, foreign exchange options trading technology that enables FENICS clients to offer customized online pricing and trading services to their buy-side clients.
A major US bank has already taken FENICS dealFX and GFI is currently marketing FENICS dealFX to additional banks.
FENICS dealFX provides powerful online pricing and trading capabilities, while allowing the banks to create their own web front-ends, use their internal option analytics and integrate the system with other existing internal processing systems and feeds.
FENICS dealFX is based on GFI's expertise in building online trading platforms and nearly 20 years' experience of its FENICS brand - delivering highly customized currency price discovery software to global market participants.
Steve McMillan, senior managing director for Europe, at GFI said; "Banks do not want to offer off-the-shelf e-commerce solutions to their end-users.
They want to create a unique client experience that differentiates them from their competitors, and there is plenty of scope for this in a complex market such as FX options."
Scott Fitzpatrick, global head of sales for GFI said, "We've designed FENICS dealFX so that our clients can deliver functionally rich solutions quickly and reliably. This has been vindicated by the number of enquiries we have received from banks who are interested in deploying this capability to their own client base"
The move to online FX options trading for banks and their institutional clients comes as the Bank for International Settlements (BIS) reports that FX options are the fastest growing part of the global currency derivatives market. The bank's latest triennial survey noted that FX option turnover grew 95% between 2001 and 2004, outpacing the overall 51% growth in foreign exchange derivatives contracts.