23rd October 2001, London; Standard Chartered has announced its adoption of FXall CONNECT from Cognotec, the leading enabler for foreign exchange and money market e-commerce solutions to the financial industry. FXall CONNECT’s application program interface (API) will give Standard Chartered’s customers access to its liquidity through the FXall multi-user platform.
Standard Chartered is strongly committed to distributing its prices via foreign exchange portals, having already adopted Atriax CONNECT to facilitate connectivity to the Atriax trading platform, and is a member of the unique Cognotec Liquidity Linq network. The bank’s use of FXall CONNECT demonstrates how Cognotec’s services have enabled it to extend its range of connectivity solutions to meet its clients’ requirements.
Standard Chartered's strength in quoting a wide range of emerging market currencies means that banks in the Cognotec e-commerce network have the opportunity to offer a wider range of currencies to their end users by selecting Standard Chartered to manage their market risk. Banks using Standard Chartered as a liquidity partner maintain their client relationships and credit exposures, but pass their market risk on to Standard Chartered.
"We are keen to be where our customers want us to be and we are committed to making our products available via as many distribution channels as possible. Cognotec, through its easily implemented range of connectivity solutions makes this possible," said Macer Gifford, Head of e-Commerce, Global Markets, at Standard Chartered.
He added: "We believe that the multi-user forex trading platforms are new and innovative channels which reach out to our customers and bring greater transparency to the marketplace. Standard Chartered is one of the world’s leading market makers in emerging market currencies and these forex portals are ideal platforms to demonstrate our superiority in meeting the needs of our customers in these currencies."
Along with the similar Currenex and Atriax adaptors, FXall CONNECT is an optional portal connection module available as an add-on to the Cognotec AutoDeal LITE service. These modules form part of a complete toolkit to enable banks to connect to proprietary or multi-member execution platforms both now and in the future.
"As one of the first banks to adopt an online foreign exchange trading solution, Standard Chartered is a pioneer in the field and one of the most knowledgeable proponents of web-based trading. The bank’s adoption of Cognotec’s range of products to enable mission-critical price distribution is proof of their effectiveness as a total connectivity solution," commented Brian Maccaba, Chairman of Cognotec.
In addition to using Cognotec’s adaptors for connectivity to external marketplaces, Standard Chartered is a liquidity provider to the Cognotec Liquidity Linq network. Liquidity Linq offers liquidity-providing banks the opportunity to increase their range of clients by covering the foreign exchange market risk of other institutions electronically.