FEATURE
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distinctive value added factors, for example research and position analysis, whilst the latter aim to provide greater liquidity and transparency of standard products by combining multiple quotes, and offering a level of anonymity.”
Dewannieux adds that there have been two main themes to Murex’s focus over the past few years - performance and automation. He says: “We don’t foresee minor volume evolution, we have re-engineered to support serious volume multiples, spurred on by clients’ anticipating flows of ten times current levels. We deliver a fully integrated workflow we call ‘One Stop Processing’ as it can all be monitored from one screen, although in our 24 hour, multi region, multi entity environment it might be better named ‘No Stop Processing’.”
Stephen Best “Te most important next step is for FX option
participants - corporates/investors, brokers and banks - to embrace automation.”
or be viewed in their entirety. Tey can be limited to management reports for summary data, without customer confidential information, or viewed at detail level. Reporting includes both sides of fills (customer / market maker), pending orders, filled orders, market conditions at time of fill (underlying instrument delta, gamma, theta, vega). Customer profiles, deposits and withdrawals are all managed on the platform or through API from central CRM and accounting systems.”
For Best, the next round of innovation for FX options platforms cannot really come until platforms have finished ensuring they are in full compliance with the new regulatory environment. He expects further clarification of the processes required to come from regulators in the US in the coming months.
Pre quote workflows
Franck Dewannieux, Product Manager at Murex Technologies says that there are already a significant yet still increasing number of platforms, both single- dealer and multi-dealer, coming to the fore but they are all focusing on providing greater transparency, ergonomics, and ease of execution. He says: “Te distinguishing difference between single and multi dealer platforms is that the former aim to provide
52 | july 2012 e-FOREX Franck Dewannieux
“Te distinguishing difference between single and multi dealer platforms is that the former aim to provide
distinctive value added factors, for example research and position analysis, whilst the latter aim to provide greater liquidity and transparency of standard products...”
Furthermore, he believes that the ‘ends’ of ‘end-to- end’ have moved as markets became more electronic and automated. “Te starting point used to be the trade, but we now start long before that with all the necessities of pre-quote workflows. In a flow world for the majority of ‘reasonably standard transactions’ traders are far less involved at the ‘point of trade’ but get fed deals, together with hedges, that have
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