German bank expands pricing capabilities
London – 26th January 2009 – BHF-Bank, a German private bank, has signed a three-year licence for GFI FENICS FX, pricing and risk management software from GFI Group, Inc (Nasdaq: GFIG).
BHF-Bank traders and sales traders will use FENICS’s 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, “FENICS FX, using trusted market data sources that we control, allows the bank’s 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, FENICS’s handling of not only vanilla FX options but also multi-legged, multi-currency strategies, enables BHF-Bank to offer very tailored solutions.”
“Giving power to salespeople and freeing up the traders has been one of the goals in recent FENICS development”, said Richard Brunt, head of FENICS at GFI Group. “FENICS’s 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-Bank”.
The contract took effect at the beginning of January.
About GFI Group Inc
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 analytics software products 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 banks, corporations, insurance companies and hedge funds. Its brands include GFI™, GFInet®, CreditMatch®, GFI ForexMatch®, EnergyMatch®, FENICS®, Starsupply®, Amerex® and Trayport®.
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