DealHub wins FX Week magazine’s ‘E-FX initiative of the Year 2008’ award

2 July 2008

Option Computers Ltd (OCL), the award winning global provider for STP and integration services has won the FX Week award for best vendor in the category ‘e-FX initiative of the Year 2008’.

The annual FX Week e-FX Awards recognise industry excellence in electronic foreign exchange from banks and vendors. Award nominations are open to those working in e-FX and are viewed as the unrivalled badge of excellence for the market. Other vendors short-listed in this category included EBS, FXMarketSpace and FlexTrade.

DealHub’s initiative in Matching, Netting and Aggregation was launched in 2007 in response to client demands provoked by major changes in ticket size and exponentially increasing ticket volumes. A pilot version of the software was able to deal with the high volume of tickets experienced in volatile markets on 16th and 17th August 2007. Compression testing on these days reduced FX prime brokerage and interbank ticket volumes by up to 90%. The DealHub solution can be simultaneously deployed in bilateral and unilateral mode to compress prime brokerage client, inter-branch and interbank trading activity.

‘Winning this award is an affirmation of the work we have done within the netting and aggregation space, and recognition in the marketplace of the need for a solution which optimises the ever increasing trade volumes as ticket size falls. We believe that many of the processes currently employed within the back office can now be executed within the DealHub front office system, although still managed by back office staff. This will produce efficiencies, and so ensure that trades are matched much earlier in the processing cycle. The DealHub solution has been designed to be extremely flexible to cope with the pace and scope of change in the industry, and to ensure continuity of processing whilst banks seek to eliminate future volume constraints’ said Peter Kriskinans, Managing Director of DealHub.

OCL has been delivering low latency, high volume bank critical applications for the last 10 years. DealHub’s STP software is installed at over 70 sites globally within ten Tier 1 banks, which rely on DealHub’s rules based trade flow management to process hundreds of thousands of tickets daily.

DealHub is uniquely positioned within these organisations to see the complete deal flow from all inter-bank, prime brokerage and e-commerce venues, and to communicate with risk management, trading and settlement systems.

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