Source: GFI Group
GFI Group Inc. (GFIG on NASDAQ) has linked two of its offerings - FX Blotter and FENICS FX - to deliver straight-through processing (STP) for FX options trading.
FX Blotter, a web-based tool released by GFI earlier this year, captures trade details from GFI. Both the buyer and the seller can then see and download the trade details, thus reducing the risk of incorrect data input.
The latest version of FX Blotter links to FENICS FX, GFI's platform for pricing and risk management of FX options. Banks can seamlessly export trade details from FX Blotter into FENICS for risk analysis, trade confirmation and accounting entries. This provides a low-cost STP solution for GFI brokerage clients who also use FENICS FX.
Major investment banks, such as France's Calyon, have built links from FX Blotter to their risk management systems using FX Blotter's application programming interface. Other banks use FX Blotter to confirm and store details of FX Option trades transacted globally via GFI.
Steve McMillan, GFI's senior managing director - head of Europe - said, "The near real-time distribution of accurate trade details coupled with the ability to STP these details into customer risk management systems increase the service to GFI brokerage customers. Our customers are now able to transact a larger number of trades, faster without having to worry about trade entry."
Michel Everaert, cio e-commerce at GFI said, "FX option trading can cause back offices headaches through incorrect entry, unconfirmed trades and confirmation mismatches. We are confident that GFI's FX Blotter combined with our award-winning FENICS FX will play a significant role in increasing efficiency and lowering costs in the growing FX options market."