Brown Brothers Harriman (BBH) has released the latest version of FX WorldView, its currency execution system, two years after the original launched (see Profit & Loss, September 2000). The latest iteration offers clients streaming rates, two-way pricing and aggregation options, and sees the bank move from basing its system on AutoDeal Lite to the latest version of AutoDeal+, both produced by Cognotec.
According to the bank, the new version brings added straight-through processing (STP) functionality and additional integration options, such as post-trade fund allocation, deal aggregation, and backward and forward integration. Additionally, clients can now view real time indicative rates and obtain multiple currency execution round the clock.
“Our goal is to be there for the needs of the investor and try to make their foreign exchange trading process more efficient,” says Brenda Kerins, vice president and head of FX e-commerce marketing. “We constantly re-evaluate our products and eliminate administrative demands.”
According to Kerins, BBH already sees 25% of its ticket volume transacted via FX WorldView, with around 30 clients actively trading on the platform. “We anticipate this figure will rise significantly as our clients view our streaming rates on the system to just hit a trade and carry it straight through,” she says, adding that BBH does not have a target for how high or how quickly it expects this figure to rise.
The relationship with Cognotec was established over two years ago. “Cognotec has delivered an innovative automated dealing solution that captures the unique needs of our clients,” says Jeff Scott, head of FX at BBH. “Our adoption of AutoDeal Lite enabled us to increase our online trading by 70% and we believe AutoDeal+ will help us build on this success.”
Brian Maccaba, chief executive officer of Cognotec, is also happy with the ongoing relationship between the two organisations. “We are very pleased that BBH has become the first to adopt AutoDeal+ because of their input throughout the development process,” he says. “BBH has a pool of experience going back 180 years, and they work in a very specific niche. Although they may not be the largest player in the industry, their work is of consistently high quality.”
Kerins says that the next development step for the platform is to release a version with features specific to the Japanese market. This development supports the bank’s recent moves in the Japanese market, where it is nearing the completion of the hiring process for a new FX desk (see Profit & Loss, September 2002).
Looking ahead, Kerins adds, “We are constantly looking for ways of increasing efficiency and adding more STP to our clients in the trading process. What we are trying to do is use e-commerce as an opportunity to continue differentiating ourselves as a value-added, specialist provider.”