Integration with banking system; now incorporates Singapore
London – February 23rd 2009 – Saxo Bank is extending its use of GFI FENICS FX – pricing and risk management software from GFI Group, Inc (Nasdaq: GFIG). GFI FENICS FX acts as the bank’s principal front office FX options trading system, incorporating traded interbank deals and the upload of clients’ deals through the bank’s internal back office and banking systems.
Kurt vom Scheidt, Director, COO-Options at Saxo Bank said, “With FENICS we can manage both interbank deals and client positions uploaded from our back office in a single system, giving us a flexible overview of our FX option risk profile. We can also use multiple market data sets, some with our own curves and some with those from GFI; this control allows us to perform comparative pricing and portfolio revaluations. In addition, FENICS provides us with the tools required for fast and accurate price discovery which is critical for success when trading in the interbank market.”
“Saxo signing for a further three years is a significant endorsement of the continual investment that GFI makes in FENICS”, said Richard Brunt, head of FENICS at GFI Group. “Straight-through processing and a comprehensive view of all foreign exchange risk are becoming increasingly important and GFI is pleased to be helping Saxo in these areas.”
Saxo has signed for the standard GFI FENICS FX package (includes Pricing, Analysis, Security Management Module, Live Rates), the FENICS Exotic Maths bundle, the CSIRO and Curtin Maths modules and the FENICS STP connection.
The new contract took effect in January and covers existing users in Copenhagen and now extends to Singapore.
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 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, 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®.
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.
GFI Group Inc.
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