Cognotec, the world's foremost provider of automated foreign exchange and money market dealing solutions, has announced that it has selected West LB, one of its partner banks, to deliver live automated market making to 360T's buy-side portal environment.
360T is an electronic marketplace for cross-product over-the-counter financial transactions, and offers electronic trading and straight through processing on a range of instruments, including foreign exchange. Implementing Cognotec's 360T CONNECT enables WestLB to distribute foreign exchange prices directly to 360T, facilitating execution by the bank's clients.
WestLB utilises Cognotec's prize-winning AutoDeal+ foreign exchange dealing platform. AutoDeal+ offers extensive connectivity to a range of multi-bank trading portals and ECNs including FXall, Currenex and HotspotFXi. These add-on CONNECT adaptors enable AutoDeal+ to be used as a total connectivity solution.
Commenting on the announcement, Trevor Cowan, Head of Rates at WestLB said: "The connectivity solutions we have implemented in partnership with Cognotec have enabled us to deploy our FX services to additional trading channels as they emerge. We have significantly enhanced our foreign exchange distribution capabilities by offering these high performance, connectivity solutions, quickly and cost effectively. We have an on-going commitment to provide our clients with prices wherever and whenever they want to trade. Implementing Cognotec's 360T CONNECT is a logical extension of this strategy."
John Beckert from Cognotec added: "360T represents one of the latest portal connectivity solutions released by Cognotec, and we are happy to announce that WestLB are one of the first Cognotec enabled banks to participate in this innovative marketplace. As the number of Portal and ECN trading platforms proliferate, Cognotec will continue to bring additional connectivity solutions to market to meet the needs of its client banks. We are committed to ensuring that, among other advantages, the AutoDeal+ platform continues to enables banks to maximise their investment in e-commerce infrastructure by providing cost effective, quality access to an expanding range of dealing channels."