Cognotec, a supplier of foreign exchange trading applications, says the Bank of Tokyo-Mitsubishi (BTM) has gone live with its Market Rate Manager (MRM).
For the past four years BTM have used Cognotec AutoDeal solutions to provide automated trading to proprietary clients on the FX@BTM service and also to provide automated pricing capability to the FXall multi-bank portal.
“The introduction of the MRM service is a natural progression in providing the most efficient rates to our clients, both local and international,” says Kenichi Nakao, Senior Manager, Foreign Exchange & Treasury Division. “We will use MRM to provide rates to our internal systems in Tokyo in addition to our domestic and global clients on FX@BTM and FXall, providing multiple levels of efficiency.”
BTM is using MRM to provide a single source of bank-specific market rates to various internal bank systems, in addition to the FX@BTM service and to FXall.
Cognotec claims the introduction of MRM will provide dealing room workflow efficiencies and transparency in the rates being provided to all systems that require an FX Rate.
“Our project team in Tokyo has worked with the BTM project team over several months to implement the MRM solution in accordance with the bank’s specific requirements,” says Denis Sweeney, Managing Director of Cognotec Asia Pacific.”Historically, eFX systems have relied heavily on generic rate feeds. The MRM implementation has allowed BTM’s dealers to generate a ‘bank rate’ more accurately and with complete visibility, thus giving dealers greater confidence in quoting larger amounts automatically. This has integrated BTM dealers into the overall eFX workflow. The MRM global rollout also provides BTM with a mechanism to price with confidence to the next generation of eFX channels, including streaming executable rate channels and automated order execution applications. Cognotec will continue to work closely with BTM to meet the ever evolving needs of their eFX business.”
Yuji Nagasaka, Manager, Foreign Exchange & Treasury Division, says the MRM service “provides us with multiple benefits in the dealing room. Our dealers have better visibility on the FX rates they provide to various systems. This gives our dealers the capability to provide better rates to our clients, with increased confidence in the rates they are providing. Also, using MRM’s timezone options, MRM gives our London and New York offices more independence in providing their own rates to clients.”