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Contact

Brian Fitzpatrick
[email protected]
Back to all First Derivatives plc announcements

AutoDeal+ marks major leap forward for automated dealing solutions

4th November 2002, London: Cognotec, the world's leading provider of automated foreign exchange dealing solutions, today announced the launch of its most technically-advanced service ever: AutoDeal+.

AutoDeal+ is the most sophisticated dealing solution available to meet the needs of today's financial enterprises. By partnering with leading vendors (including BEA, IBM, Oracle, iPlanet, Sun, and Verisign) Cognotec has developed a comprehensive, flexible, multi-channel FX dealing service which can be bought in any combination of components. It offers banks and financial enterprises a scalable, resilient and highly secure solution to meet all their automated trading requirements.

In addition, AutoDeal+ uses open, established technologies (including Web Services, J2EE, CORBA, XML and JMS) to ensure superior ease of integration with the bank’s existing platforms. This means that in-house IT developments can be utlilised alongside Cognotec's proven technology to provide a solution that meets the needs of the enterprise.

A further benefit is that AutoDeal+ offers financial enterprises the ability to choose where the system's suite of components is located. AutoDeal+ can be deployed onsite at the enterprises premises, entirely remotely at the Cognotec bureau or using a combination of both. This flexible approach allows the bank to retain ownership of its infrastructure while allowing Cognotec to maintain non-sensitive parts of the operation.

The AutoDeal+ components include:

· Centralized Pricing Component Suite
AutoDeal+ features a fully automated, highly sophisticated and configurable pricing and execution engine. It applies complex business-relational pricing to provide client-specific margining.
· Branch Automation Components
The AutoDeal+ branch components give the branch network electronic access to the central price engine and automatic execution capability.
· E-commerce Components
The AutoDeal+ architecture allows for real-time Internet delivery of prices through the business' existing web channels. Efficient information management enables theselection of precisely which elements (currencies, clients, streaming rates and time periods, for example) are to be displayed and/or monitored.
· Fund Manager Components
The fund manager components allow the most sophisticated transactions to be completely automated, replacing manual processes and reducing operational risk. Efficient pricing and aggregation provides the business with lower transaction volumes and increased levels of client service.
· Multi-bank Portal Component
This element of AutoDeal+ allows for fast, fully supported connectivity to the FXall and Currenex multi-bank portals as and when the clients of financial enterprises require access to prices via these platforms.
· Liquidity Linq Component
This unique Cognotec service enables financial enterprises to extend their market making activities by offering real-time executable prices to counterparties who do not wish to make a market in a full range of currencies.
· Market Rate Manager Component
The AutoDeal+ Market Rate Manager component facilitates the integration of price feeds from different sources, and the ability to manipulate and refine them before distribution.

Commenting on AutoDeal+, Sean Foley, Director of Technology at Cognotec said: "All the technologies we have used in the development of AutoDeal+ are open and mature, demonstrating our commitment to 'future proofing' the service. By using our range of comprehensive, open Application Program Interfaces (APIs) – or the bank's existing components – AutoDeal+ can be deployed on a bespoke basis to service all the internal and external dealing channels of the most sophisticated business. In addition, AutoDeal+ forms a platform on which to integrate your existing technology and AutoDeal+ components into a centrally-controlled, enterprise-wide dealing solution."