FOCUS
From March 2011, BNP Paribas enabled iPhone users to access the bank’s GlobalMarkets electronic commerce platform with the launch of its MobileMarkets iPhone application just months after the launch of a similar application for the Apple iPad, giving users access to 33 separate tools, including FX forecasts and trade ideas. A Blackberry application will shortly be added.
Soede says: “Tis enables our clients to take their user journey with them, whether they are in office with pre-trade, post-trade and trade functionality or taking home an iPhone, iPad or Blackberry service, where they can see all pre-trade functionality, including research, trade ideas and commentary. Stages two and three will be order management and post-trade services. It is not anymore a question of every time, but everywhere. Clients want relevant information all the time.”
Thomas Soede “Te next challenge for global players in the
electronic market, trading FX, will be to identify the right bank to partner with, with the best fit, and the right expertise, manpower, research and development for the specific client segment needed.”
BNP Paribas offers all the cash products, such as spot, outrights and swaps, access to NDFs, and by the end of this year onshore booking in more than 35 jurisdictions on its e-Commerce platform. Soede says: “One of the key drivers in client service, in servicing the needs of multinational customers, is the local booking services available. A lot of the current players in FX are falling behind. Tey offer NDFs but the ability to offer onshore booking of currencies is only available from a few banks. Te ability to trade options, both multi-leg and single leg options including all of the exotic options, will be added to BNP Paribas’ single bank platform, with a beta launch in October, before being rolled out globally.”
Post trade services
For Soede, pre-trade services, such as research and analytics, were the main focus in the 1990’s, and banks zoned in on developing electronic execution in 2000- 2010. “Tese services are now very commoditised and the big focus for banks, especially on the institutional side, will be on post-trade services, and the race is on to see which banks will be able to offer an integrated package, from pre- to post-trade, where a client can trade an NDF or an option from execution all the way down to clearing. BNP Paribas intends to be one of them.”
86 | october 2011 e-FOREX
He adds that the desktop, PC tablet and mobile are fully synchronised so that the user’s workflow continues across all channels, without interruption. “Our philosophy is not to give our clients a pre-set screen, but to give them a menu where they can subscribe to any parts, and add their services into a ‘container’ that they can design,customise and consume. It is relevant events they want, not everything.”
Further customisation is being worked on for the different job roles of the user base within the company or financial institution, so that the bank’s portal will be personalised to suit the trader, risk manager, and operations staff, depending on what information they need to see. “By creating a communications engine, we can provide social environments between BNP Paribas and our clients at multi-service level access, i.e. our operations staff being able to talk to the operations staff at client level using our proprietary technology. We can take this one step further by creating ‘events’ in the trade lifecycle that clients can subscribe to. Tis is creating a much wider use of our single proprietary platform. Te execution almost becomes secondary,” he adds.
Tailored services
Tomas Vinding, director, head of e-Markets at Nordea Markets says that in the early days of e-commerce platforms many banks, including Nordea, began by building one-size-fits-all platforms for all customer types and while it was a good strategy back then, customers are now much more experienced in using the web and they now put pressure on banks to provide them with much more tailored services. While execution services, including pre- and post trade services, are a must-have, customers expect a range of added-value services from single dealer platforms.
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