Bank of New York Mellon has signed a three-year license for GFI Fenics FX, pricing and risk management software from GFI Group, for use in its offices in New York, London and Tokyo. The banking and asset management firm says it will primarily use GFI Fenics FX for central pricing and risk management and global price distribution.
It will also use Fenics FX’s STP module for the processing of trade detail, rate and revaluation information between GFI Fenics FX and other systems in order to attempt to achieve operational efficiencies and streamline workflows. Bank of New York Mellon signed the license at the end of June and was live soon after with modules including Fenics FX Pricing, Analytics, Structuring, STP, Security and Live Rates.
“GFI Fenics FX enables us to integrate multiple internal and external rate sources, giving the bank confidence it is pricing and revaluing trades and positions with the most transparent and accurate information available,” says Michael Hyland, Bank of New York Mellon’s managing director of global markets. “Also, Fenics FX’s Structuring Module helps the bank’s sales team to design, price, and distribute complicated structures with ease.”
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