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Brian Fitzpatrick
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Back to all First Derivatives plc announcements

Cognotec targets top-tier banks with new fund management FX service

Cognotec, the world's leading provider of automated dealing solutions, has unveiled its new Fund Manager module, the most sophisticated and comprehensive electronic solution available in the market today. This new service will enable custodians and top-tier banks to automate their fund management clients' most complex foreign exchange requirements and is available on the new Cognotec platform AutoDeal+.

The Fund Manager module is likely to appeal to banks that have sophisticated fund management clients transacting 100-plus foreign exchange deals each day. It allows the communications process between the fund management house and the bank's dealing desk to be carried out completely electronically – meaning an end to error-prone manual processes involving phone calls and faxes.

Benefits to the fund manager:

§ Automatic aggregation by currency pair and bulking into forward requirements

§ Reduction of errors and increased efficiency over manual processes

§ End-to-end STP

§ Supports acceptance of the volatile Spot rate followed by review and acceptance of forward prices

§ Supports selective acceptance of forward prices, and negotiation of forward points

§ Complex transactions with non-standard dates, irregular amounts, automatically calculated

§ Compatible with the Single Spot Portfolio service on the FXall portal

§ Significant time savings


Benefits to the bank:

§ Automatic importing, aggregation and bulking of fund manager's trades

§ Automatic pricing of spot rates and forwards

§ Full STP of completed trades with fund allocations

§ Increased service levels and efficiency over manual processes


"Fund managers are one of the most demanding client groups in terms of electronic FX trading and have been underserved by solutions providers – until now. The Cognotec Fund Manager module allows banks to significantly upgrade the service they offer to their fund management clients. It also allows fund managers themselves to automate their complex trading requirements such as bulking and aggregating trades which are transacted under different accounts. Both parties are set to gain significant benefits from adopting this new technology," commented Paul Fox, COO at Cognotec.