24th May 2004, London - Cognotec, the world's foremost provider of electronic foreign exchange and money market trading connectivity solutions, has launched the Cognotec 360T CONNECT adaptor, a result of its partnership with leading cross-product over-the-counter (OTC) marketplace 360T. The adaptor will enable banks and other financial institutions to provide electronic foreign exchange pricing and execution to the 360T marketplace. Leading German bank and Cognotec client Landesbank Baden-Württemberg (LBBW) has already gone live with the new service and more are expected to follow shortly.
360T offers electronic trading and straight through processing on a range of OTC financial instruments, including foreign exchange. Users of the Cognotec 360T CONNECT will be able to feed live, executable, streaming prices direct to the 360T platform with minimum implementation work and costs via the Cognotec AutoDeal+ platform.
"The new Cognotec adaptor for 360T is the latest addition to Cognotec's range of connectivity solutions. Our partnerships include most of the major electronic foreign exchange market’s multi-bank portals and ECNs, such as FXall, Currenex and HotspotFXi. This allows banks to maximise on their investment in an electronic dealing platform so that more deals can be transacted with a greater number and variety of clients with minimal extra cost. Cognotec's range of CONNECT solutions adds real value for foreign exchange market participants, allowing them to increase their business, while enjoying significant efficiency savings," commented Howard Tolman, Executive Director for Cognotec.
"360T is pleased to announce that market participants can now use the Cognotec 360T CONNECT adaptor to access our OTC marketplace with minimum cost and fuss. As a result, the efficiency benefits of automated dealing are now more widely available to the OTC community. We believe that best of breed solutions providers like Cognotec significantly enhance the ability of banks to quickly and easily transact with each other across multi-dealer platforms such as 360T," said Christoph Perger, Managing Partner for 360T.
Kieran Fitzpatrick, Cognotec Head of Development, added; "This agreement is the latest in the long line of successful collaborations with innovative foreign exchange market providers. Significant development work has resulted in a new and successful tool being added to the Cognotec CONNECT range, which is already in use by LBBW. We look forward to an ongoing and fruitful partnership with 360T."