6th December 2001, London: Cognotec, the leading enabler for foreign exchange and money market e-commerce solutions to the financial industry, has announced the launch of Cognotec AutoDeal LITE 3, a significantly upgraded version of Cognotec’s ground-breaking AutoDeal LITE online trading service and the biggest release ever on the AutoDeal platform.
AutoDeal LITE 3 is the culmination of Cognotec’s twelve years’ experience in developing mission-critical dealing technology. Over 60 banks worldwide are already achieving online automation of up to 99% of their forex exchange dealing using the current AutoDeal LITE service. Industry recognition of Cognotec’s achievements has resulted in the company being named Best Automated Dealing Software Provider by the readers of FX Week for the last four years.
"We have worked consistently to maintain our technical lead in the provision of automated dealing solutions. The launch of AutoDeal LITE 3 preserves Cognotec’s place as the leading provider of online FX dealing solutions and will prove a significant leap forward for our clients in support of the varied needs of their diverse customer requirements. Simply put, AutoDeal LITE 3 is the best online automated dealing solution available to the financial community in terms of its range of functionality, cost-effectiveness and ease of implementation," commented Brian Maccaba, Chairman, Cognotec.
AutoDeal LITE 3 has 42 functional enhancements including:
·Multi-bank portal connectivity, for example Atriax, Currenex and FXall
·Streaming rates and two-way prices
·Enhancements to Liquidity Linq
·White labeling opportunities
·Payments, wires and drafts
·HTML web client
"LITE 3 is the largest ever release on the AutoDeal platform and represents the absolute cutting edge of automated dealing technology. It demonstrates Cognotec’s commitment to anticipating the needs of the foreign exchange dealing community and proves that adoption of the AutoDeal LITE product range is an effective way for banks and financial intermediaries to ‘future-proof’ their trading technology requirements," commented Paul Fox, Chief Operations Officer, Cognotec.
Cognotec is currently demonstrating AutoDeal LITE 3 across the globe in a series of showcases. Interested parties should contact Sylvia Mead +44 207 448 5916 or [email protected] to book a demonstration.
Main enhancements in AutoDeal LITE 3:
Multi-bank portal connectivity
AutoDeal LITE 3 is the first automated dealing solution to offer electronic connection to Atriax, Currenex and FXall through a range of plug-in APIs (application program interfaces). This allows each Cognotec user to connect to it’s own choice of portals through a single AutoDeal LITE platform. This has the benefit of not only reducing costs, but it also allows the bank dealers to manage multiple customer distribution channels through one Dealer interface.
Designed by traders for traders, AutoDeal Trader allows AutoDeal LITE 3 together with the bank’s other distribution channels (e.g. proprietary system, branch network) to be viewed via a single fully-customizable screen. Deal routing has also been significantly enhanced, allowing the dealer to split deals and route these to the appropriate parties. Deals can also be filtered according the source (branch, portal, client) and routed to different areas of the bank. All deal routing can be tracked on screen. It has been designed to provide fast pricing support and so improve efficiency within the deal room.
Streaming rates and two-way prices
If they so choose, AutoDeal LITE 3 users can provide a streaming rates service to their customers. Users will also have the ability to provide two-way pricing on a client-by-client basis, thus responding to service demands from certain customer segments.
Enhancements to Liquidity Linq
A unique feature to the AutoDeal platform, Liquidity Linq allows banks to supply and/or receive liquidity from other users of the platform in order to support specific currency requirements. AutoDeal LITE 3 has introduced two significant enhancements to the Liquidity Linq service. First, liquidity can now be sourced by amount of transaction, currency pair and time of day. In addition this allows the outsourcing bank to optimize their operational efficiency by automatically routing deals to a liquidity provider that are either too big or too small for it to support. Second, different market makers can be used to quote each leg of a cross-rate deal. This allows banks to support one half of a cross-rate themselves, or to source more competitive prices.
White labeling opportunities
Cognotec can now license AutoDeal LITE technology to financial intermediaries as a white labeled turnkey product. This allows the licensee to provide a complete on-line, foreign exchange dealing solution to their downstream clients, be they banks, brokers, investment institutions or corporates.
AutoDeal LITE 3 allows users to route their positions to different offices around the globe and trades to be executed and settled in different geographical locations. Clients can access a seamless 24-hour service and the bank can maintain real-time 24-hour risk management of its market positions.
Payments, wires and drafts
AutoDeal LITE 3 has expanded back-office integration capabilities, enabling bank customers to manage both their foreign exchange requirements and to arrange payments to third parties.
HTML web client
A new web front-end written in HTML in addition to java applets means that AutoDeal LITE 3 is easier for the banks’ clients to implement (overcoming firewall configuration problems). It has a more user-friendly screen layout and is more customizable (in terms of enabling the inclusion of branding and proprietary content) for the bank itself.
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