Swiss bank expands agreement with GFI leading FX pricing and analytics system
New York, February 22, 2010 – GFI Group Inc. (NASDAQ: “GFIG”) announced today that Luzerner Kantonalbank is deploying FENICS Professional™ which enables the bank access to FENICS® Structuring and FENICS Enterprise™.
A GFI FENICSSM client since 2006, Luzerner Kantonalbank is extending its agreement for a further 3 years and will continue to use GFI Professional™ for FX options price discovery, portfolio management and automated downstream STP (straight-through processing) of the bank’s back office system for bank wide risk management.
Daniel W. Bommer, Director of Forex Derivatives at Luzerner Kantonalbank, said: “We have been working with FENICS® for a number of years and we are very pleased with the product. It is a powerful and reliable tool which supports our dealing portfolio management” and added, “In addition to the already proven high functionalities of the system, we are very pleased with the new functionality that we enjoy as part of the FENICS Professional™ agreement.”
Richard Brunt, Global Head of GFI FENICSSM stated: “We are very happy Luzerner Kantonalbank has taken our relationship to the next level and invested in FENICS Professional™ as the system of choice to develop its expanding FX option business into the future” and added, “Our business continues to grow strongly in the Swiss kantonal banking area where we are attracting new clients and where existing clients are expanding their usage of FENICS®.”
Founded in 1850, the Luzerner Kantonalbank is a traditional full-service bank with all of its liabilities covered by a state guarantee.
FENICS Professional™ is a suite of pricing, trading, risk management and STP components allowing customers to control, monitor and oversee every aspect of FX option trading and lifecycle management from a single interface. FENICS Enterprise™ is a suite of server components, able to handle the entire lifecycle of FX derivative instruments. This open platform solution leverages clients’ existing infrastructure to deliver a variety of bespoke, mission critical, enterprise-wide solutions.
GFI FENICS has been the leading provider of FX derivatives software since 1987, with its products licensed to over 350 client firms worldwide, financial institutions and corporations, with thousands of users benefiting from its solutions.
About GFI Group Inc. www.GFIgroup.com
GFI Group Inc. (NASDAQ: “GFIG”) is a leading provider of wholesale brokerage, electronic execution and trading support products for global financial markets. GFI Group Inc. provides brokerage services, market data, trading platform and analytics software products to institutional clients in markets for a range of credit, financial, equity and commodity instruments. Fenics Software Limited is a wholly owned subsidiary of GFI Group Inc.
Headquartered in New York, GFI was founded in 1987 and employs more than 1,700 people with additional offices in London, Paris, Hong Kong, Seoul, Tokyo, Singapore, Sydney, Cape Town, Santiago, Dubai, Dublin, Tel Aviv, Calgary, Englewood (NJ) and Sugar Land (TX). GFI Group Inc. provides services and products to over 2,100 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFI SM, GFInet®, Credi™atch®, 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 GFI Group Inc. (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.