Dutch bank takes leading FX pricing and risk management system for in-house valuations and transparency
London – September 29th 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.
About GFI Group Inc. www.GFIgroup.com
GFI Group Inc. (www.GFIgroup.com) is a leading inter-dealer broker specializing in over-the-counter derivatives products and related securities. GFI Group Inc. provides brokerage services, market data and trading platform and analytics software to institutional clients in markets for a range of credit, financial, equity and commodity instruments. Headquartered in New York, GFI was founded in 1987 and employs more than 1,700 people with additional offices in London, Paris, Tel Aviv, Dublin, Dubai, Hong Kong, Shanghai, Tokyo, Singapore, Sydney, Seoul, Cape Town, Calgary, Englewood (NJ), and Sugar Land (TX). GFI provides services and products to over 2,200 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFI™, GFInet®, CreditMatch®, GFI ForexMatch®, EnergyMatch®, FENICS®, Starsupply®, Amerex® and Trayport®. Forward-looking statement
Certain matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “might,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: economic, political and market factors affecting trading volumes; securities prices or demand for the Company’s brokerage services; competition from current and new competitors; the Company’s ability to attract and retain key personnel, including highly-qualified brokerage personnel; the Company’s ability to identify and develop new products and markets; changes in laws and regulations governing the Company’s business and operations or permissible activities; the Company’s ability to manage its international operations; financial difficulties experienced by the Company’s customers or key participants in the markets in which the Company focuses its brokerage services; the Company’s ability to keep up with technological changes; and uncertainties relating to litigation. Further information about factors that could affect the Company’s financial and other results is included in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CAT=GF, TE, FX
GFI Group Inc.
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