Cognotec, the global award‐winning supplier of FX automated dealingsolutions, has announced the launch of the new version of its market‐leading AutoDeal+ ForeignExchange dealing platform. AutoDeal+ 3.40 offers institutions unique competitive trading capabilitiesunavailable from any other solutions provider.
AutoDeal+ 3.40 introduces significant improvements for trading emerging market currencies includingbrand new functionality allowing automated trading of non‐deliverable forwards (NDFs) and a newability to differentiate pricing for currencies whether traded onshore or offshore.The AutoDeal+ order management function has been redesigned from the ground up, allowing a fullerbreadth of order types to be automatically tracked and executed based on specific client spread criteria.AutoDeal+ provides a total dealing solution for institutions via a suite of plug‐and‐play managementcomponents. The new upgraded version, AutoDeal+ 3.40, is designed to respond to market participant’sdeveloping needs by providing:
In a first‐of‐its‐kind development, AutoDeal+3.40 platform users can now offer their clients greaterliquidity and enhanced risk management for exotic currencies. The growing need to hedge such exposureinevitably accompanies expanded trading in globalised markets. The new component allows:
• Instant response to clients’ request for NDF pricing with automatically generated rates
• Automatic calculation of the fixing date for a particular settlement date
• Confirmation of the fixing mechanism
Previously, telephone ordering and manual fixing of prices occupied dealers’ time. Now they canconcentrate on providing value‐added advice for clients, while the component automatically carries outthese tasks, enabling quicker price distribution and faster access for clients requiring NDFs.
This functionality allows the unique pricing of clients depending on whether their trading activitycomplies with onshore or offshore local trading structures and procedures. In order to protect theircurrencies from excessive speculation, some territories apply different trading rules depending on thelocation of market participants.
As many of these are emerging markets, this function allows market making banks to allow clients tochoose when and where they want to trade in order to best support their overall strategy. It also allowsthe bank to expand the range of clients they are able to service.
This revolutionary enhancement enables orders which are requested and fulfilled electronically to betracked according to the specific pricing parameters the bank wishes to apply to individual customers.This means clients can enter and exit markets when specific prices have been reached, while the bankcan more closely monitor margins either on a customer‐by‐customer basis, or across its entire book.Commenting on the new release, Brian Anderson, Director of Product Marketing for AutoDeal+, said:“The enhancements in AutoDeal+ 3.40 signal a strong evolution in what was already a world‐leading FXplatform. Our new order management functionality is nothing less than revolutionary in themarketplace. AutoDeal+ 3.40 is a genuine forward step in the ability of banks to compete in anincreasingly globalised and aggressive environment, freeing up the desk from mundane manualprocesses to concentrate on value‐added services such as promoting the use of new instruments amongnew and existing clients. Financial Institutions will recognize that AutoDeal+3.40 is technology that givesthe FX desks around the world the ability to do business whenever, however and wherever their clients’desire.”
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