Top Hong Kong brokerage house takes FENICS? market-leading FX system
New York, May 17, 2010 – Glory Sky Group, a leading Hong Kong brokerage house, has licensed FENICS Professional™, a pricing and risk management system for foreign exchange and commodity options from GFI Group Inc. (NASDAQ: “GFIG) to help manage its rapidly expanding FX and commodities derivatives business.
The agreement includes FENICS Pricing, Analysis, Structuring Module and Exotic Maths components. FENICS Professional allows Glory Sky to expand its business scope in the FX and commodity option trading and client distribution spaces.
Alfred Yeung, Chairman of Glory Sky Group said, “To meet our expanding FX and commodities derivatives business we need a reliable solution, so we chose FENICS Professional. The FENICS Professional package enhances our pricing and risk management capability and also helps our real-time analysis for both vanilla and exotics options.” Mr. Yeung added “GFI FENICS also provides an enterprise edition, FENICS Enterprise™, which will ultimately provide a seamless solution to distribute prices to all our clients, as we continue to expand our business.”
“GFI is delighted to be working with Glory Sky Group and that they have chosen to deploy FENICS Professional in Hong Kong” said Owen Kam, Head of GFI FENICS Sales for North Asia. “We are looking to further expand our footprint in Hong Kong to more clients from different sectors, such as commodities and we continue to be committed to providing scalable and customized solutions to fit our clients” needs” he further commented.
Glory Sky Group is a leading brokerage house in Hong Kong, providing multi-asset class securities and investment services to clients including financial institutions, funds, corporate and individual investors.
FENICS Professional is a suite of pricing, trading, risk management and STP (straight-through processing) components allowing customers to control, monitor and oversee every aspect of FX option trading and lifecycle management from one single interface.
GFI FENICS has been providing leading FX derivatives software since 1987. Its products are licensed to over 350 institutions worldwide 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 (fixed income), 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 2,400 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFI SM, 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 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.