Foreign exchange: Market round-up
Inter-dealer broker and software provider GFI has recently launched its latest platform enhancement, FENICS FX 9.1, which now gives its clients access to Bank of America's volatility surfaces.
Previously, GFI provided volatility surfaces collected from its own broker desk. "We wanted to enhance that environment and seek other sources of information so that that when a client is deciding whether to execute an option, it's based on the best possible information available," says Scott Fitzpatrick, global head of sales at GFI.
The new software should significantly reduce the amount of communication required before executing an options trade.
Growing interest in options has increased pressure on banks to get their data out to as many people as possible. In turn, customers are demanding better technology to facilitate their more sophisticated trading needs. End users of this product should now have more accurate marked to market pricing data, as well as new calculation improvements and risk functions.
Saxo Bank expanded its business ties with Asia last month in an agreement with Chinatrust Commercial Bank's Hong Kong Branch. Chinatrust will now use SaxoTrader to execute trades, which are then settled through Saxo Bank's prime broker relationship.