Following an internal client testing phase with 20 clients, Brown Brothers Harriman is preparing to launch its Internet-based FX trading system, FX WorldView, to its institutional client base this month. The release will mark the first time that a major custodial bank has used Cognotec’s AutoDeal Lite service to target the investment management community.
BBH and Cognotec worked together to tailor the system to meet the particular requirements of the institutional market, including a trade allocation feature which allows bulk trades to be split and automatically assigned to different delivery destinations.
The service will launch with US and European clients in September, while a Japanese language version will be rolled out in the fall.
A trade aggregator function will be added in October, says Brenda Kerins, assistant vice president at BBH. “For those client’s that don’t deal in bulk, this function compresses the time between execution and confirmation,” she says, adding that an import function links to the client’s portfolio management system to take care of their back office functions.
In addition to the trade aggregator, an interactive chat facility will also be made available by year-end. Meanwhile, a trade order management system will be added in the first quarter of next year, which will allow clients to place limit orders and generate trade reports. Additional enhancement for later in the year will also include a range of charting tools, analytics and pricing calculators, and a broadcast facility.
“Technology is moving so quickly that customers are still trying to determine what they want from online services. So we’re keeping our eyes open and have been working closely with our clients to develop a system that continuously addresses their changing needs,” says Chuck Muller, vice president.
“We’ve designed the product to be flexible enough to change with our clients’ needs and demands,” adds Kerins.
Pricing is made on a request basis, and the service offers spot trading in 23 currencies, forward and swaps orders of up to one year, including broken dates, allocations and aggregation of funds. Additional products will be added to the service over time.
In terms of security, the service boasts 128-bit SSL encryption and a digital certificate.
In addition to the trading products, the www.bbh.com Web site also offers daily, weekly, quarterly economic and technical research.
The service complements other BBH offerings, such as RiskView, which measures operational risk in global markets, and Fund WorldView, which aids funds in expanding their distribution channels, says Kerins.