Cognotec has completed work on its FXall interface, Cognotec Fxall Connect, which will be available as an optional module for connecting clients to the planned online FX platform. The interface connects banks already using the Cognotec AutoDeal Lite service to the FXall electronic marketplace. For banks not already using Cognotec’s autodealing service, the module is being made available to them as a turnkey solution for providing prices to their customers
The functions supported include contribution of indicative quotes, one- or two-way quotes, automatic re-quote logic, accept (buy/sell) or nothing done, competition notification, fund allocations across multiple accounts and pre-defined settlement.
“We see our role as an enabler for the banking sector, to help them efficiently support what we believe will be an increasingly large and diverse range of electronic distribution channels,” says Albert Maasland, global head of marketing.
Separately, Standard Chartered Bank has agreed to join Cognotec’s Liquidity Linq service. Liquidity Linq offers banks a means of sourcing liquidity from partner banks to cover their market risk in specific currencies on a bilateral basis.
“What most banks want is to outsource less liquid currencies. Standard Chartered’s strength in quoting a wide range of exotic and emerging market currencies mean banks in the Cognotec e-commerce network will have the opportunity to offer a wider range of currencies to their end users by selecting Standard Chartered to cover their positions in the market. Banks using Standard Chartered as a liquidity partner maintain their client relationship and credit exposure, but pass their market risk to Standard Chartered,” says Maasland.
“Liquidity Linq will enable us to expand our marketshare in many currencies, while at the same time, allowing us to automate our relationship with our existing bank clients,” says Paul Jebson, group head of institutional and commercial banking sales and marketing, Treasury, at StanChart in London.
Meanwhile, Bank of Tokyo-Mitsubishi has taken Cognotec’s AutoDeal Lite service for its online FX dealing. Tokyo-Mitsubishi, an equity holder of FXall, will use the Cognotec FXall Connect service to connect to the portal.