Brand new functionality extends range of client services
29th May 2008, Vienna: Cognotec, the global award-winning supplier of FX automated dealing solutions, has announced the launch of the new version of its market-leading AutoDeal+ Foreign Exchange dealing platform. AutoDeal+ 3.40 offers institutions unique competitive trading capabilities unavailable from any other solutions provider.
AutoDeal+ 3.40 introduces significant improvements for trading emerging market currencies including brand new functionality allowing automated trading of non-deliverable forwards (NDFs) and a new ability to differentiate pricing for currencies whether traded onshore or offshore.
The AutoDeal+ order management function has been redesigned from the ground up, allowing a fuller breadth of order types to be automatically tracked and executed based on specific client spread criteria.
AutoDeal+ provides a total dealing solution for institutions via a suite of plug-and-play management components. The new upgraded version, AutoDeal+ 3.40, is designed to respond to market participant's developing needs by providing:
Non-deliverable Forwards
In a first-of-its-kind development, AutoDeal+3.40 platform users can now offer their clients greater liquidity and enhanced risk management for exotic currencies. The growing need to hedge such exposure inevitably accompanies expanded trading in globalised markets. The new component allows:
- Instant response to clients' request for NDF pricing with automatically generated rates
- Automatic calculation of the fixing date for a particular settlement date
- Confirmation of the fixing mechanism
Previously, telephone ordering and manual fixing of prices occupied dealers' time. Now they can concentrate on providing value-added advice for clients, while the component automatically carries out these tasks, enabling quicker price distribution and faster access for clients requiring NDFs.
Onshore/offshore pricing
This functionality allows the unique pricing of clients depending on whether their trading activity complies with onshore or offshore local trading structures and procedures. In order to protect their currencies from excessive speculation, some territories apply different trading rules depending on the location of market participants.
As many of these are emerging markets, this function allows market making banks to allow clients to choose when and where they want to trade in order to best support their overall strategy. It also allows the bank to expand the range of clients they are able to service.
Order management
This revolutionary enhancement enables orders which are requested and fulfilled electronically to be tracked according to the specific pricing parameters the bank wishes to apply to individual customers. This means clients can enter and exit markets when specific prices have been reached, while the bank can more closely monitor margins either on a customer-by-customer basis, or across its entire book.
Commenting on the new release, Brian Anderson, Director of Product Marketing for AutoDeal+, said: "The enhancements in AutoDeal+ 3.40 signal a strong evolution in what was already a world-leading FX platform. Our new order management functionality is nothing less than revolutionary in the marketplace. AutoDeal+ 3.40 is a genuine forward step in the ability of banks to compete in an increasingly globalised and aggressive environment, freeing up the desk from mundane manual processes to concentrate on value-added services such as promoting the use of new instruments among new and existing clients. Financial Institutions will recognize that AutoDeal+3.40 is technology that gives the FX desks around the world the ability to do business whenever, however and wherever their clients' desire." |