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Jordan International Bank takes DIRECT route to FX liquidity

London, 16th August 2001; Jordan International Bank has adopted the Cognotec AutoDeal DIRECT Internet-based foreign exchange dealing service. The bank’s London-based foreign exchange dealing centre went live in June and is already using the service for between 60% and 70% of their foreign exchange trades.

AutoDeal DIRECT allows banks to offer their clients a browser-based automated foreign exchange dealing service that offers all the benefits of the Cognotec AutoDeal LITE service - low up-front implementation costs, transaction-based charging and quick time to market. However, banks utilizing AutoDeal DIRECT choose other financial institutions to act as liquidity providers to assume the market risk of their customers' positions, while retaining the client’s identity and credit risk.

Jordan International Bank has branded its first online dealing service JBFX Dealing. It is currently using JBFX to source prices for Forex trades resulting from financial transactions carried out by the bank’s customer base of corporates and financial institutions in the Middle East and the UK.

"Our clients are growing increasingly sophisticated and expect Jordan International Bank to offer the most up-to-date services. AutoDeal DIRECT has allowed us to offer them a more efficient service while passing up the market risk on their positions to another institution. It is a flexible and practical solution to our needs. JBFX Dealing represents a win-win situation for Jordan International Bank and our customers," commented Basil Kekhia, Senior Assistant General Manager and Treasurer, Jordan International Bank.

Jordan International Bank is presently sourcing 100% of its liquidity from Standard Chartered Bank. Jordan International Bank chose the AutoDeal DIRECT solution over a bank-owned white label solution, as it gives them the flexibility to choose a liquidity provider that can meet their needs.

"Jordan International Bank’s experience shows the appetite on the client side for more sophisticated and cost-effective foreign exchange services which can be met by banks using the Cognotec range of e-commerce trading solutions. The banks themselves benefit from higher levels of automation and therefore efficiency. With Cognotec AutoDeal DIRECT they can outsource their client positions – which may be small or involve odd amounts – to a liquidity-providing bank, whilst retaining their client relationship. This three-way partnership is a model which is set to be repeated again and again in an increasingly competitive marketplace," explained Steve Butcher, Managing Director, Sales, Europe and Middle East, Cognotec.