Cognotec, the world's leading supplier of foreign exchange and money market e-commerce dealing solutions, has announced that Refco Capital Markets (a vivision of Refco Group LLC), has adopted for all its foreign exchange dealing entities the groundbreaking AutoDeal LITE FX dealing service.
Refco is one of the world’s leading financial services groups, with US$ 4 billion of clients' global equity, and equity capital of around US$500 million. It is active in the areas of prime brokerage, fixed income equities, both exchange traded and OTC derivatives, and foreign exchange. Refco Capital Markets – which encompasses both the foreign exchange and capital markets divisions of the group – will go live with the service in June and will be using the AutoDeal LITE at its offices in London, New York, Chicago, Singapore and Vienna.
The AutoDeal LITE service will enable Refco Capital Markets to deliver its 'Refco FX Online' web-based dealing service to its global client base of securities houses, introducing brokers, money managers, high net worth individuals and CTAs. It will also service Refco’s retail customer base.
Refco joins the 60 enterprises who have adopted the AutoDeal LITE trading service since its launch in 1999. The service enables banks and other financial enterprises to offer clients their own, branded, online foreign exchange and money market dealing service, while enjoying the additional benefits of improved efficiency and STP that electronic dealing brings.
Commenting on the announcement, Gary Weiss, Senior Vice President, Refco Group Ltd, said: "AutoDeal LITE has enabled us to offer our customer base a cutting-edge online foreign exchange service with a range of additional functionality. We can offer live 2-way streaming price quotes, order placement and margin management, intraday account management and risk management tools - all on an automated basis - thus gaining significant cost and efficiency benefits. Importantly, we enjoy full STP - a fact which is essential for us and our clients."
John Beckert, President of Cognotec Americas and Global Head of Sales for Cognotec added: "This announcement is a milestone for Cognotec in that, up to now, the benefits of using AutoDeal LITE to enable client's online dealing has been predominantly recognised by the global banking community. Refco is the first large diversified financial group which is not a bank or investment house to adopt the service, and, as such, demonstrates a broader acceptance of the benefits of online trading across the whole of the financial community. We anticipate further announcements of financial institutions (that are not banks) adopting the AutoDeal LITE service in the near future."
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