Best e-FX Software Provider: Fenics

A year and a half after being acquired by BGC Partners as part of a takeover of rival broker GFI, options-pricing software provider Fenics continues to expand its footprint in the FX space as it moves ahead with its transition to become a provider of fully integrated e-commerce solutions.

Thanks to its price-distribution engine and a recently upgraded options platform, Fenics scooped the award for Best e-FX Software Provider in recognition of the company's growing customer base and increased focus on service.

"As our client base continues to grow and the way that Fenics is deployed changes, we respond in terms of our own structure. We've expanded our development team in north Asia to supplement the main centre in New York, to meet the development and deployment requirements of our fast-growing client base in the Asia region," says Richard Brunt, managing director of the company.

The build-out of the company's team comes as Fenics moves into the enterprise space with its distribution solution; an area where integrating clients takes more bespoke work and therefore requires more personnel support.

We had price-distribution functionality for some time, but this agnostic approach is us saying ‘we are totally indifferent to where you want it distributed and how you want the workflow'
John Crisp, Fenics

"Our product team in Hong Kong is already 25-strong and provides multi-language support for clients in that region. This investment in the region is one we fully expect to see continue as we expand capacity and breadth of service. The team in Asia has grown from the need of clients in markets such as China and Taiwan to be supported by a locally based development group, who can rapidly respond to local market and client requirements in local language," Brunt says.

The ability to support clients with local-language quants ensures that clients' model requirements are better understood and that future product releases are driven by these requirements.

John Crisp, the director of product and product strategy at Fenics, notes that one of the main benefits of the platform is its flexibility. Customers have different workflows and front-end requirements for their various user groups and they want the flexibility to switch in and out of different front-end strategies.

Flexibility quest

This quest for flexibility drove the decision to provide price distribution as a solution in an engine form.

"We had price-distribution functionality for some time, but this agnostic approach is us saying ‘we are totally indifferent to where you want it distributed and how you want the workflow'," says Crisp.

The growing list of regulatory requirements is also playing into the hands of the company, as it boosts demand for products that allow clients to be compliant with their obligations.

"The focus of our clients is on achieving best execution for their customers, even in areas such as Asia, where there is no direct regulatory pressure. Fenics provides a solution that enables clients to set up a rigorous process for handling incoming client orders via an automated dealing engine," he adds.