Tokyo, 26th February 2001: Cognotec Japan K.K., a joint venture between SOFTBANK Finance company and Cognotec an Irish e-commerce service provider, has been selected by the Bank of Tokyo-Mitsubishi (hereinafter, BTM), to provide on-line foreign exchange dealing using the Cognotec AutoDeal LITE service.
The Cognotec e-commerce solution is delivered using the Application Service Provider (ASP) model and will enable BTM to provide on-line FX dealing services to a range of globally active clients which include international and Japanese manufacturers, general trading companies, institutional investors and major corporates through its three major dealing locations Tokyo, London and New York from this spring.
BTM who are an equity holding member of FXall the multi-bank consortium, intend to provide connectivity to the FXall portal by using the Cognotec FXall CONNECT service which was recently launched. Cognotec FXall Connect will enable BTM to provide foreign exchange pricing and trade execution seamlessly to its clients through the FXall platform with connectivity between the Cognotec AutoDeal LITE service and the FXall portal. Cognotec was approved as a technology provider to the FXall multibank consortium in November 2000.
BTM stated that their criteria for selecting Cognotec as the provider of their on-line trading service was based on its established track record in delivering automated FX trading solutions to financial institutions across the globe, its ability to anticipate future requirements especially with regard to API’s (Application Programming Interface), enabling connectivity between different systems i.e. between FXall and bank systems, and being able to deliver a speed to market service. By adopting the Cognotec ASP model solution, BTM will not have to build its own infrastructure, thus enabling it to significantly reduce cost, and shorten the implementation time scale for the FXall project.