Saxo Bank has extended its use of GFI Group’s Fenics foreign exchange pricing and risk management software by another three years and has made it available to staff in Singapore.
Fenics FX acts as the bank’s principal front office FX options trading system, incorporating traded interbank deals and the upload of clients’ deals through the bank’s internal back office and banking systems.
“With Fenics we can manage both interbank deals and client positions uploaded from our back office in a single system, giving us a flexible overview of our FX option risk profile. We can also use multiple market data sets, some with our own curves and some with those from GFI; this control allows us to perform comparative pricing and portfolio revaluations. In addition, Fenics provides us with the tools required for fast and accurate price discovery which is critical for success when trading in the interbank market,” says Kurt vom Scheidt, director, COO-Options at Saxo Bank.
Saxo signed for the standard GFI Fenics FX package which includes pricing, analysis, a security management module and live rates, the Fenics Exotic MathsÂ bundle, the CSIRO and Curtin Maths modules and the Fenics STP connection. The new contract covers existing users in Copenhagen and now staff in Singapore.