GarantiBank International selects GFI FENICS® FX

London, UK - 29 September 2008

GarantiBank International NV, a Dutch bank, has taken a three-year licence for FENICS FX – FX options pricing and risk management software from GFI (Nasdaq: GFIG).

Atilla Burmali, senior system analyst at GarantiBank said, ““The bank needed better security and transparency for revaluing and managing its forex options positions. We can perform instant revaluations ourselves, using FENICS FX, rather than having to use an external supplier with delayed revaluation, which is very important in volatile markets. With FENICS FX, we can also control the market data that we use – a great improvement on the bank’s previous set-up.”

GarantiBank has licensed FENICS FX’s Pricing, Analysis, Security Management Module, Live Rates and Exotics Maths. The bank is also using the FENICS STP connection for integration of FX options positions from its corporate banking and risk management system.

GarantiBank signed for FENICS FX in July and went live that month.

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