After completing Banco de España final acceptance tests, XTAuctions! Spain has performed the first bidding on Spanish auctions on March 15th, 2012. Since then Commerzbank, the first specialist to adopt the platform, operates on the Bonos and Obligaciones auctions exceeding initial usability and performance expectations.
Supporting the growing need of the primary dealers community for a multi-country environment, SoftSolutions!, leading provider of trading solutions for European Primary Markets, enhanced the existing platform with the creation of a direct access to Spanish Primary market, in collaboration with Banco de España, and unified Italian and Spanish Auctions in XTAuctions!. Some major primary dealers already chose to adopt XTAuctions! for both Italy and Spain, and many others are currently evaluating this complete bidding solution.
Deployment of the platform is smooth as the installation leverages on the existing infrastructure, not requiring any dedicated structures and thus reducing costs of connection and maintenance. The system includes proprietary connections to the DMOs, providing a safe auctions environment, which benefits from continuous monitoring managed by a dedicated specialised staff. Moreover, dealers are enabled to operate in a multi-auction environment with an ergonomic and efficient interface, already appreciated from the majority of the Italian Primary Dealers, using the same operational mode for both Italian and Spanish auctions.
Inga Johal, Head of FIC Credit Trading at CommerzBank, commented “As the pilot bank involved in testing the new platform we have been impressed with the improvements in terms of response times, flexibility and usability. We believe it will help to streamline the Spanish Auction execution process.”
Roberto Cocchi, CEO at SoftSolutions! said “We have listened to our customers needs and, undertaking a major effort that spanned more than three years, we have delivered a solution for both Spanish and Italian auctions. XTAuctions! is today the only actively managed and monitored multi-country auctions platform ready on the market, and we strive to add more countries to the list. In this process we benefited from the proficuous collaboration with Banco de España, and we received the support of the primary dealer community, especially our customers.”