January 24th 2005, London: Cognotec, the world's leading provider of foreign exchange trading solutions to the financial community, today announced that The Bank of Tokyo-Mitsubishi, Ltd. (BTM) has gone live with the Cognotec Market Rate Manager (MRM) solution.
For the past 4 years BTM have deployed Cognotec AutoDeal solutions to provide automated trading to proprietary clients on the [email protected] service and also to provide automated pricing capability to the FXall multi-bank portal.
BTM is using MRM to provide a single source of bank-specific market rates to various internal bank systems, in addition to the [email protected] service and to FXall. The introduction of MRM provides significant dealing room workflow efficiencies as well as providing complete dealer transparency of the rates being provided to all systems that require an FX Rate.
Denis Sweeney, Managing Director of Cognotec Asia Pacific commented, "Our project team in Tokyo has worked with the BTM project team over several months to implement the MRM solution in accordance with the bank’s specific requirements."
Mr. Kenichi Nakao, Senior Manager, Foreign Exchange & Treasury Division, commented, "The introduction of the MRM service is a natural progression in providing the most efficient rates to our clients, both local and international. We will use MRM to provide rates to our internal systems in Tokyo in addition to our domestic and global clients on [email protected] and FXall, providing multiple levels of efficiency."
Mr. Yuji Nagasaka, Manager, Foreign Exchange & Treasury Division, adds, "The MRM service provides us with multiple benefits in the dealing room. Our dealers have better visibility on the FX rates they provide to various systems. This gives our dealers the capability to provide better rates to our clients, with increased confidence in the rates they are providing. Also, using MRM’s timezone options, MRM gives our London and New York offices more independence in providing their own rates to clients."
Concludes Denis Sweeney, "Historically, eFX systems have relied heavily on generic rate feeds. The MRM implementation has allowed BTM’s dealers to generate a ‘bank rate’ more accurately and with complete visibility, thus giving dealers greater confidence in quoting larger amounts automatically. This has integrated BTM dealers into the overall eFX workflow. The MRM global rollout also provides BTM with a mechanism to price with confidence to the next generation of eFX channels, including streaming executable rate channels and automated order execution applications. Cognotec will continue to work closely with BTM to meet the ever evolving needs of their eFX business."
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