BHF-Bank traders and sales traders will use FENICSâs math models and independent market data to formulate and quote prices for foreign exchange options to their clients.
Detlef Kosior, Head of FX Options at BHF-Bank said, âFENICS FX, using trusted market data sources that we control, allows the bankâs traders to distribute prices speedily to the sales force, who can then react swiftly to changing markets to ensure competitive quotes for our clients. Also, FENICSâs handling of not only vanilla FX options but also multi-legged, multi-currency strategies, enables BHF-Bank to offer very tailored solutions.â
âGiving power to salespeople and freeing up the traders has been one of the goals in recent FENICS developmentâ, said Richard Brunt, head of FENICS at GFI Group. âFENICSâs pricing module delivers great efficiency for banks by giving more flexibility to salespeople and we are delighted to receive this endorsement in the form of a licence sale to BHF-Bankâ.
The contract took effect at the beginning of January.