Dublin-based Cognotec, a provider of automated dealing technology to the forex and money markets, has formed a partnership with Hotspot FXi, a multi-bank spot forex marketplace.
The partnership will develop a so-called Cognotec HotspotFXi CONNECT adaptor, which will enable banks and other financial institutions to provide foreign exchange pricing and execution to the Hotspot FXi marketplace. Substantial development work has been completed and Hotspot FXi CONNECT is expected to go live within weeks.
“Cognotec has long asserted that its aim is to offer the complete connectivity solution for foreign exchange and money market participants,” says John Beckert of Cognotec. “This venture will offer new and existing Cognotec clients the ability to increase their trading volumes (while enjoying the efficiency benefits of electronic execution), as well as potentially diversifying the range of clients they deal with. It builds on Cognotec’s long-established integration solutions for multi-bank portals as well as several new connectivity initiatives Cognotec will announce in the near future. “
Hotspot FXi is a spot FX multi-bank trading platform that enables all traders to view full market depth, trade instantly on live, executable, streaming prices provided by multiple bank market makers, and enter bids and offers – all with complete anonymity. The Hotspot FXi client base includes hedge funds, CTAs, money managers, active corporates and other participants who actively manage their trade executions to enhance performance and lower costs.
Cognotec says it aims to provide financial institutions with the ability to stream live executable prices into the Hotspot FXi marketplace directly from their Cognotec automated trading platform, and that the requisite functionality has already been adopted by two of its client banks.
“We are pleased to be working with Cognotec to provide a seamless link for banks and financial institutions to provide pricing to our marketplace,” says John H. Eley, Chief Executive Officer, Hotspot FXi. “There is a natural symmetry between Cognotec’s connectivity solutions and Hotspot FXi’s commitment to provide the deepest most liquid markets to its clients.”