GFI FENICSSMprovides state-of-the- art pricing component for exotic FX instruments
New York, September 1, 2010 – GFI Group has announced the release of FENICS ExoticsSM, a powerful collection of models used to price all major exotic FX instruments.
FENICS Exotics pricing models are carefully tailored to work the way a market practitioner would expect to use them in the FX markets. The component provides accurate prices and tradable bid/ask spreads that can be immediately quoted, without requiring manual intervention.
FENICS Exotics is powered by two math methodologies, dVega and Monte Carlo. The dVega model is GFI FENICS owned methodology that allows for the incorporation of current market practice to provide the most accurate pricing and spreading of first generation digital and barrier options. The Monte Carlo model has been developed in partnership with CSIRO* (Australia’s Commonwealth Scientific and Industrial Research Organisation) and provides clients with state of the art exotic options pricing software embedded with cutting edge mathematical methods.
Richard Brunt, Global Head of GFI FENICS said: “The launch of FENICS Exotics comes on the back of the appointment of Julian Cook as Head of Quantative Research” and added, “The core of GFI FENICS product has always been its maths models. We have invested heavily in this area over the years and we continue to do so and keep our models at the forefront of the market.”
FENICS Professional™ provides a single interface for price discovery, bilateral trade execution and risk management including the benefit of straight through processing (STP). The FENICS Exotics component is included within the FENICS Professional pricing page and risk management.
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.
*CISRO is a trademark property of Australia’s Commonwealth Scientific and Industrial Research Organisation
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 fixed income, financial, equity and commodity instruments.
Fenics Software Limited is a subsidiary of GFI Group Inc.
Headquartered in New York, GFI was founded in 1987 and employs more than 1,800 people with additional offices in London, Paris, Hong Kong, Seoul, Tokyo, Singapore, Sydney, Cape Town, Santiago, Dubai, Dublin, Tel Aviv, Calgary, Los Angeles, 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 GFISM, GFInet®, CreditMatch®, GFI ForexMatch®, EnergyMatch®, FENICS®, Starsupply®, Amerex®, Trayport®, and Kyte®.
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