The Bank of Tokyo-Mitsubishi (BTM) has gone live with Cognotec’s Market Rate Manager (MRM) solution, which it will use to provide singly-sourced FX rates to various internal bank systems. The bank already uses Cognotec’s AutoDeal solutions for pricing to its proprietary platform and multibank portal, FXall.
Kenichi Nakao, senior manager, foreign exchange & treasury division at BTM, says, “The introduction of the MRM service is a natural progression in providing the most efficient rates to our clients, both local and international. We will use MRM to provide rates to our internal systems in Tokyo in addition to our domestic and global clients on FX@BTM and FXall, providing multiple levels of efficiency.”
Yuji Nagasaka, manager, foreign exchange & treasury division at the bank, adds, “The MRM service provides us with multiple benefits in the dealing room. Our dealers have better visibility on the FX rates they provide to various systems. This gives our dealers the capability to provide better rates to our clients, with increased confidence in the rates they are providing. Also, using MRM’s timezone options, MRM gives our London and New York offices more independence in providing their own rates to clients.”