Refco Capital Markets has selected Cognotec's AutoDeal Lite FX dealing service for all of its foreign exchange business.
Refco Capital Markets - which encompasses both the foreign exchange and capital markets divisions of the group - will go live with the service in June at its offices in London, New York, Chicago, Singapore and Vienna.
The AutoDeal Lite service will enable Refco Capital Markets to deliver its Refco FX Online Web-based dealing service to its global client base of securities houses, introducing brokers, money managers, high net worth individuals and CTAs. It will also service Refco's retail customer base.
Gary Weiss, senior vice president, Refco Group, says: "We can offer live two-way streaming price quotes, order placement and margin management, intraday account management and risk management tools - all on an automated basis - thus gaining significant cost and efficiency benefits. Importantly, we enjoy full STP - a fact which is essential for us and our clients."
In a separate announcement, Cognotec has launched its new Fund Manager module to allow the communications process between the fund management house and the bank's dealing desk to be carried out completely electronically. The module is available on the new Cognotec platform AutoDeal+.
Paul Fox, COO at Cognotec, comments: "The Cognotec Fund Manager module allows banks to significantly upgrade the service they offer to their fund management clients. It also allows fund managers themselves to automate their complex trading requirements such as bulking and aggregating trades which are transacted under different accounts."