Cognotec, the leading supplier of automated foreign exchange trading solutions, is pleased to announce that Denmark's Sydbank has deployed Cognotec's innovative FX Orders solution following an upgrade to the Cognotec AutoDeal+(tm) trading platform.
Sydbank, the fourth largest bank in Denmark, has fifteen investment centres spread across the country which service its corporate client base. For a number of years, the bank has used Cognotec AutoDeal
LITE(tm) to provide a seamless, web-enabled foreign exchange trading solution for its investment centres, corporate clients, and the bank's central dealing room.
Cognotec FX Orders is a complete order capture and management solution which will enable Sydbank to connect the main dealing room to its investment centres. It is being used to replace time-consuming, manual order inputting processes with an efficient automated service.
The secure, web-enabled user interface will enable the investment centres to input orders and track them in real-time, confident that deals will be fulfilled when the market hits the desired rate. In the central dealing room, the bank can maintain an accurate overall picture of its market position and configure the service to enable manual override by client, currency pair or order size if it so wishes.
The solution offers the bank much flexibility. Client-specific margins can be applied to individual transactions. In addition, the service is driven by prices from Cognotec's Market Rate Manager which allows Sydbank to have increased control and flexibility over the prices distributed. Finally, Cognotec FX Orders interfaces easily with the bank's own risk management, position keeping and back office systems.
Commenting on behalf of Sydbank, Benny Kristensen, Project Manager,
said: "We have been impressed by how easily we have been able to deliver a significant increase in efficiency and functionality to our internal and external clients. The feedback from them is overwhelmingly positive.
They have found the user interface to be flexible and intuitive in both navigation and configuration. Also, the very clear overview of activity on the systems our dealers now enjoy enables them to respond immediately to our clients' needs."
He continued: "We are now exploring other Cognotec modules in order to judge how they could help us further streamline our foreign exchange trading processes."
Mike Thrower, Cognotec's Global Head of Sales and Marketing, added:
"Sydbank's experience demonstrates the efficiency benefits available to financial enterprises of all sizes when they employ the most up-to-date applications in their dealing rooms. We look forward to continuing our work with Sydbank and enabling the bank to become increasingly competitive in its field of operations."