Leading international commercial bank WestLB AG has gone live with the Hotspot FXi CONNECT solution from Cognotec, the award-winning supplier of foreign exchange and money market dealing and connectivity solutions to the world's leading financial institutions.
WestLB, as established users of Cognotec's automated trading solutions, have benefited from a high performance, cost effective means of accessing this important new market. The Cognotec Hotspot FXi CONNECT service has helped enable WestLB to provide foreign exchange streaming prices and execution to the Hotspot FXi marketplace of hedge funds, CTAs, money managers and corporates. The partnership between WestLB and Cognotec has enabled the bank to increase trading volumes while taking advantage of the significant efficiency benefits offered by electronic dealing.
John Beckert, for Cognotec commented, "WestLB's use of the Cognotec AutoDeal+ platform, in combination with its new Hotspot FXi CONNECT service, has helped enable the bank to become a provider of streaming executable rates to Hotspot FXi clients."
Trevor Cowan, Global Head of Spot at WestLB said, "As a long standing partner of Cognotec, we are pleased to be able to extend our automatic price making capability in this developing market space. We look forward to working with Cognotec in the future to penetrate similar automated client distribution channels."
"We are pleased to welcome WestLB as a market maker on our platform," said John H. Eley, CEO of Hotspot FXi, "Our number one commitment is to provide the most liquid markets to our clients at all times; WestLB's market making will support the Hotspot FXi marketplace in ensuring that goal continues to be met."
Howard Tolman, Executive Director for Cognotec added, "This announcement is further demonstration of Cognotec's success in working with all new and established marketplaces to provide foreign exchange market participants with a total connectivity solution."