Edgewater Markets today announces that Banco del Estado de Chile, owned by the Republic of Chile, has gone live with its new trading platform.
Edgewater adapted the proprietary technology of its EdgeFXLatam to provide BancoEstado with a customised solution for its internal users, onshore clients, and global offshore market participants.
Leveraging the Chilean Electronic Stock Exchange (BEC)’s onshore market provider Datatec, the technology provider of local foreign exchange market data and execution services in Chile. The partnership with Edgewater allows clients of Datatec to automate market access, seamlessly managing risk directly with Datatec’s network of FX participants, according to a statement.
The platform provides Banco del Estado de Chile with a customised, branded solution for its clients, traders and sales teams, preserving proprietary internal workflows, algorithms, and hedging strategies, according to Edgewater. The fully automated access to Datatec’s onshore marketplace provides Banco del Estado de Chile with real-time hedging for both onshore and offshore trade flows via a fully electronic transaction platform, reducing risk and increasing distribution.
“The partnership with Datatec to offer local participants proprietary trading platform is a welcome addition to the marketplace. Fully automating processes of internal systems and Datatec will bring efficiencies to not only local clients, but to global market participants. We are proud to work with both Banco del Estado de Chile and Datatec to make this happen,” comments Jose-Antonio Buenaño, managing director and head of South America, based out of Edgewater’s Santiago office.
“We are excited to be working with Edgewater Markets to quickly and cost effectively enhance the business of our mutual clients,” comments Juan Carlos Spencer, CEO at BEC. “The automation of client-specific functionality and workflow significantly enhances the integration with Datatec’s marketplace, providing a real benefit to clients such as Banco del Estado de Chile, and will be a real game changer for local participants.”