Cognotec has specialized in developing automated dealing solutions for financial institutions since 1990. Having successfully pioneered the Application Service Provider-based (ASP) deployment, the Cognotec AutoDeal range of e-commerce-enabling solutions has been adopted by over 90 financial institutions in more than 23 countries. The AutoDeal LITE service is a sophisticated foreign exchange and money market electronic rates engine which can support a range of different electronic trading channels. The service is delivered over the Internet, and allows banks to offer client-specific automated pricing and credit checking. Other channels supported include internal bank and branch automation and connectivity to multibank FX portals such as FXall and Atriax.
Financial Software Systems, based in Pennsylvania in the U.S., is the developer of the Spectrum Treasury System. Financial Software Systems developed MarginTrac in conjunction with Refco. MarginTrac provides a real-time margin management facility, including the management of client collateral, collateral haircuts, and the revaluation of client positions and collateral.
David Jones, Managing Director for Asia Pacific, Cognotec, said, "Initial market reaction to the joint offering has been very positive. The solution enables Margin FX service providers to provide a faster FX quote / execution service in a wider range of currencies. Customers will no longer need to wait for quotes / executions as dealers do a manual credit check or try to get a price from, or cover the position on the interbank market. The deep pool of available liquidity over Liquidity Linq provides immediate prices and simultaneous execution of back-to-back trades in a wide range of currencies. This enables margin FX service providers to fine tune market risk to precisely suit their risk appetite. The real time margin check is done against the current mark-to-market value of customersâ collateral and FX position."
Gerald Thurston, President of Financial Software Systems, stated, "The teaming of our companies is a natural progression in that we each provide expertise in our respective areas. We are confident that our joint product will set the standard for web-based margin trading of FX. The tight integration of AutoDeal LITE and MarginTrac offers banks and brokerages the opportunity to provide their margin clients with an Internet dealing channel that is completely integrated with risk management, collateral management, and back-office processing."
For further information, please contact Financial Software Systemsâ Mr. Les Khan in Singapore at (65) 832 7690
You may contact Cognotecâs Mr. Timothy Neo in Singapore at (65) 837 2008