GFI Group announced today that Woori Investments & Securities (Woori I&S), a pioneer in the Korean domestic securities market, has licensed Fenics Professional, a pricing and risk management system for foreign exchange options.
The agreement allows Woori I&S to use Fenics Professional for pricing, analysis and structuring of FX options, including exotic options. Woori I&S plans to expand their business scope in the FX options trading space that has traditionally been the domain for banks.
Keon-ho Kang, general manager of Fixed Income, Currency and Commodities Derivatives Trading Department at Woori Investments said: “When starting out our FX options business, we naturally went for GFI Fenics, as there is proven credibility in their ability to provide market pricing and accurate analysis. During the trial process, I have seen for myself that Fenics Professional has enhanced product support for non-deliverable currencies such as the Korean won. As an end-to-end solution, it provides the necessary tools such as a straight-through processing capability that caters for our future expansion,” he added.
“We are very pleased to welcome Woori I&S as a customer” said Elliott Hann, head of GFI Fenics sales for Asia Pacific. “They are the first Korean securities house moving into this space and we are proud to be working with them in this initiative.”
Richard Brunt, global head of GFI Fenics, added: “GFI Fenics continues to see strong growth in Asia from countries such as Korea, China and Taiwan. We are looking forward to expanding our presence in the region with additional hires in 2010, to ensure our growing client base will continue to receive the very best in support services.”