Leading US commercial bank chooses GFI FENICSSM for FX Options business
GFI Group Inc. (NYSE: "GFIG") announced today that California based Union Bank has upgraded their existing agreement with GFI FENICSSM to include the full suite of FENICS Professional™ Pricing and Analytic tools.
Union Bank will utilize FENICS Professional for FX options price discovery, portfolio management and downstream STP (straight-through processing) of trades into its back office system. Union Bank traders and sales team will have access to FENICS Professional’s Sales Module allowing them to build, price, and communicate the details of FX Options structures with speed and efficiency.
Beverly Henretty, Manager of Foreign Exchange and Derivatives Sales at Union Bank said, “We’re very pleased to build on our relationship with FENICS and upgrade to FENICS Professional. In addition to the powerful suite of software tools provided, we continue to be impressed by the excellent customer support that GFI FENICS provides as part of their standard service.”
Richard Brunt, Global Head of GFI FENICS & Market Data Services stated: “Union Bank is a very valuable client to us and we are delighted that Union Bank has taken our relationship to the next level and invested in FENICS Professional as the system of choice to develop its expanding FX option business into the future” and added, “North America is an important market for us where we are growing strongly by adding new clients and expanding our relationships with existing clients.”.
A client of GFI FENICS since 2003, Union Bank is extending its agreement for a further three years.
FENICS Professional is a suite of pricing, trading, risk management and STP (straight-through processing) components allowing customers to control, monitor and oversee a comprehensive range of FX option trading and lifecycle management from one single interface.
GFI FENICS has been providing leading FX derivatives software since 1987. Its products are licensed to over 350 institutions worldwide with thousands of users benefiting from its solutions. Clients include banks, multinational corporations, brokers, and hedge funds.