London, 17th July 2003; Cognotec, the world's leading provider of online dealing solutions to the foreign exchange markets, has announced the launch of Market Rate Manager - an application which allows financial institutions to dramatically increase the reliability of its foreign exchange prices using multiple rate feeds. As a result, institutions and their clients will be able to benefit from the increased efficiency and cost-savings afforded by higher online dealing volumes.
More and more banks are using electronic dealing to reduce the cost of participating in the foreign exchange markets - with research by Cognotec showing year-on-year growth in transaction volumes of 78 per cent. Accurate rate feeds are important in order to minimise 'rate risk' i.e. losses on positions generated on deals where the underlying rate was 'off' market.
Market Rate Manager gathers rates from multiple sources and blends them to the bank's criteria. The software solution provides bank-specific pricing calculations, enabling the bank to deliver consistent pricing throughout its various price distribution channels, for instance, the branch network, multi-bank platforms and client-facing portal. In addition rates can be defined by geographical zone, currency pair and instrument.
As Market Rate Manager can be configured to monitor specific market conditions, dealer intervention on trading is reduced. For instance, the dealer can specify a 'watch list' of rates they wish to monitor, and request that the system provides volatility warnings should the market move outside of defined spreads. At all times the dealer can withdraw or skew automatic rates, meaning control stays firmly in the dealer's hands.
Kevin Galliers, VP Sales, for Cognotec commented: "Market Rate Manager is an essential tool which allows dealers to utilise their experience to ensure the delivery of 'on market' prices, rather than forcing routine deals above or below a certain value to be scrutinized. This allows banks to confidently deliver consistent rates on higher ticket deals and larger volumes. As a result these can go straight through the automated dealing system with reduced manual input and therefore reduced costs."
Market Rate Manager forms part of the AutoDeal+ component-based suite of dealing solutions. Each AutoDeal+ component is easily integrated with existing software, or other parts of the AutoDeal+ range to provide an enterprise-wide dealing solution.
Sumitomo Mitsui Banking Corporation is the latest bank to turn to Kx to meet its advanced trading, analytics and risk management requirements, extendi...View article
[9 April 2019] — Kx announces that it has received the 2018 Google Cloud Global Technology Partner of the Year for Financial Services award. The...View article
(7 February 2019) Kx, a leader in high-performance computing, announces that its kdb+ time-series database is now offered on the Amazon Web Services (...View article