Merrill Lynch has begun the global roll-out of Fenics FX, the foreign exchange option pricing and analysis tool from GFI Group.
Merrill Lynch, which has already implemented the software in the London and New York dealing rooms, plan to integrate the package into all of its existing analytics, market data and trade processing systems as a global standard interface for option trading and sales across the bank. It is initally being delivered to 100 additional users under the global roll-out programme.
Jay Morreale, global head of FX technology at Merrill Lynch says "Fenics FX is the worldwide standard software used to price FX Options. Developing this technology in-house is not cost-effective."