Automated dealing solutions provider Cognotec is to provide an interface to Atriax, the multi-bank foreign exchange portal initiated by Citibank, Deutsche Bank and Chase Manhattan. The Dublin-based software house already provides a similar connection to rival bank-backed corporate trading platform FXall.
Once launched, the interface will allow the almost 90 banking users of the Cognotec platform with the option to provide electronic prices to their customers via Atriax, says the company.
The 64 Atriax member banks account for two thirds of the total FX volume dealt by the top 100 banks in the Euromoney 2000 survey. Atriax is competing with rival initiatives, such as FXall and Currenex, to provide a multi-bank price discovery and trade execution service for large corporate clients.
Cognotec currently claims a significant number of Atriax members as subscribers to its hosted AutoDeal Lite bureau service. With the new connection in place, Cognotec claims users will be able to hook up to Atriax at a lower overall cost than if they were to build the back-end interfaces themselves.