Volumes of foreign exchange traded online climbed significantly and are expected to rise even more by year's end according to a recent report by Greenwich Associates*. The report states that a quarter of the world's corporate and financial institutions are trading foreign exchange products online, up from 17% at the end of 2001. It also shows that volumes in 2002 climbed from 26% to 32% of the total trading volume among those institutions trading online, and is expected to rise to 40% by 2003. Cognotec has seen a confirmation of the report's findings in the tremendous growth in on-line foreign exchange trading with its clientsâ transaction volumes growing by 60% in the last 12 months.
Speaking about the contract Paul Fox, chief operating officer for Cognotec, says: "As the leading provider to the global foreign exchange industry we are observing increased trading volumes over the Cognotec platform and are continually taking action to ensure that our international client base receives a world class service. Cognotec is delighted to extend its relationship with Synstar to include the management of its core 24/7 systems and network support functions. Synstar have impressed us with their experience and expertise and have proven themselves to be an ideal managed services partner."
Synstar, already a provider of hardware and network services to Cognotec, was invited to tender for the existing managed services contract. Competing against several global suppliers, Synstar demonstrated itself to be a trusted partner with proven expertise.
In preparation for the contract go-live in June, Synstar is currently transferring Cognotec IT systems to its data centre in Newbury, and building the operations team to support the systems around the clock.