LONDON, Feb. 23, 2021 /PRNewswire-PRWeb/ -- Raiffeisen
Bank International (RBI), one of the leading banks in Austria and CEE, has partnered with
AxeTrading, the fixed income trading software company, and
Integral, a leading FX technology provider, to deliver an
innovative trading solution for their bond trading clients by
providing real-time streaming of FX prices into their bond trading
workflow.
The collaboration has enabled RBI to provide faster and better
pricing for their clients in local currency bonds while
significantly reducing their request for quote (RFQ) response time
and increasing their hit ratios. By combining the capabilities of
the AxeTrader Quoting and Execution Management System (QEMS) and
Integral's BankFX pricing engine, RBI can significantly reduce
their risk as a market-maker by automatically hedging the currency
exposure of the bond trade and reduce hedging costs on the back of
high-quality FX execution.
The AxeTrader QEMS, which offers a single desktop that
aggregates markets, data and trading workflows, automatically makes
a Request for Stream (RFS) to the Integral BankFX pricing engine,
which then provides real time streaming prices via an API directly
into the RBI bond trader's RFQ workflow to deliver more efficient
and transparent pricing. When the bond trade is completed the
corresponding FX transaction is automatically executed by RBI's own
FX trading desk.
The seamless integration between Fixed Income and FX products
fits perfectly into RBI's focus of activities in Austria and across CEE as well as into RBI's
mission to transform continuous innovation into superior customer
experience.
This solution is applicable to all traders in local currency
bonds who need certainty, clarity and efficiency at the same time
capturing as much of the spread with an automated workflow, making
trading as profitable as possible and automatically hedging the
associated FX risk.
Harald Müller, Head of Group Capital Markets Trading &
Institutional Sales at RBI remarks: "Our ability to respond fast to
our clients' requests with highly competitive pricing lies at the
core of RBI's market making philosophy. Therefore, closing the last
technical gap between Fixed Income and FX products to provide
combined pricing with maximum efficiency, has been a top priority
for us. Furthermore, the already available integration supports
current and future digitization and automation initiatives in RBI's
Capital Markets area, on top of enhancing our current
infrastructure. I am delighted to contribute to RBI's mission of
"transforming continuous innovation into superior customer
experience."
Harpal Sandhu, CEO of Integral
said, "We are thrilled to support RBI deliver an innovative trading
solution to improve their market making abilities and better serve
their clients. Integral is committed to partnering with providers
that share our philosophy of opening-up the institutional markets
through the provision of sophisticated and highly configurable
trading technology and workflow. Working with AxeTrading on this
solution puts this principle into practise in an extremely valuable
way and we are pleased to have partnered with an industry leader to
solve a real-life challenge experienced in the markets."
Ralf Henke, CEO of AxeTrading
said, "It has been a pleasure working alongside Integral, the FX
market leader, to deliver on RBI's ambitious plans for growth and
enhanced client service. We are part of a new generation of
technology providers whose ethos and business are built around
openness and interoperability. The effective use of APIs and
adoption of common standards drive our clients beyond the legacy
technology providers with their limited 'walled gardens.' Traders
are able to benefit from their choice of connectivity to the
broadest ecosystem of best-in-class trading and data applications
to truly enhance and improve their trading."
Media Contact
Viali Munteanu, Cognito, +44 7547819438,
viali.munteanu@cognitomedia.com
SOURCE AxeTrading