GFI Delivers STP for FX Options Trading
GFI Group, an interdealer broker specializing in over-the-counter derivatives, has linked two of its offerings -- FX Blotter and FENICS FX -- to deliver straight-through processing (STP) for FX options trading.
FX Blotter, a Web-based tool released by GFI earlier this year, provides trade details from GFI so that both the buyer and seller can see and download trade details, thus reducing the risk of incorrect data input.
The latest version of FX Blotter links to FENICS FX, GFI's platform for pricing and risk management of FX options. Banks can seamlessly export trade details from FX Blotter into FENICS for risk analysis, trade confirmation and accounting entries, the GFI release said. This provides a low-cost STP solution for GFI brokerage clients who also use FENICS FX, the release added.
"FX option trading can cause back offices headaches through incorrect entry, unconfirmed trades and confirmation mismatches. We are confident that GFI's FX Blotter, combined with our award-winning FENICS FX, will play a significant role in increasing efficiency and lowering costs in the growing FX options market," stated Michel Everaert, CIO of e-commerce at GFI, in the release.
FRI Launches Security Master.NET
Toronto-based FRI Corporation is introducing a new Web-based tool, Security Master.NET, that enables investment professionals to access FRI's securities databases, including fixed income and equities data, and corporate action details. FRI launched the product on Wednesday at the Investment Funds Institute of Canada Annual Conference in Toronto.
SecurityMaster.NET allows users to view intraday and end-of-day market data without any additional hardware or software.
SecurityMaster.NET enables users to validate securities pricing by searching for securities using a variety of criteria. The tool provides access to extensive fixed-income data and corporate action information including: issue details, extendible and retractable elections, interest-rate schedules, amounts issued and outstanding, credit ratings, call schedules, final and early exemptions, dividend schedules, splits and consolidations, conversions, purchase funds and sinking funds.
IFBS Hires Ricciardi for U.S. Expansion Into Securities Lending
International Financial Business Solutions (IFBS) AG has appointed Tom Ricciardi as managing director Americas as part of its continued expansion into the United States. IFBS is a global provider of securities lending, repo and over-the-counter derivatives collateral management solutions.
In his new role, Ricciardi will oversee IFBS' U.S. customer development and will be responsible for expanding IFBS' growing leadership position in the securities lending and collateral management solution segment.
Ricciardi was formerly industry director of Compaq Services' capital markets business consulting practice, and has over 25 years experience with Wall Street applications, including positions in several capital markets, securities lending and banking solution providers in the United States, Asia Pacific and Latin America. Ricciardi will be based in IFBS' offices in New York and report to Felix Oegerli, CEO.