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IFS Signs Citi Private Bank

Ireland-based IFS has won its first major institutional client for the combined MarginMan-Gate treasury platform. Citigroup Private Bank, which was previously subscribed to the MarginMan system, is to implement the integrated system in a two-phase rollout, initially to its London, Zurich and New York offices, with further overseas locations planned as part of the second phase. The implementation will allow the bank to automate collateralised FX trading across the Internet.

IFS acquired Dene International in November 2000,enabling the company to integrate its MarginMan collateralised trading application with Dene ‘s GATE (Global Automated Trading Engine) FX trading system. The combined system was released in February.

“As an existing MarginMan client, we can take advantage of this Web-enabled, newly combined product, to trade across the Web using Gate front-end and MarginMan ‘s risk management functionality,” says David Bee, head of capital markets at Citi Private Bank. “This new product will provide our private bank clients even greater access to FX liquidity together with helping improve our client services. The IFS solution will augment Citigroup institutional pricing and transactional capabilities, ensuring efficient delivery of the world ‘s leading FX brand, CitiFX, via Citigroup Private Bank.”

Dene ‘s Gate product is currently in use at such financial institutions as Barclays Capital, Bank of America, JPMorgan Chase, RBS/NatWest and Allied Irish Banks, with IFS counting ABN Amro, ANZ, Citibank, Deutsche Bank, UBS and RBC among clients of the MarginMan and Gate products. In 1999,Deutsche acquired a joint stake of 14%in IFS.

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