kACE, a division of Fenics Software Limited, an entity within the BGC Partners, Inc. (Nasdaq: BGCP) (“BGC Partners,” “BGC” or the “Company”) group of companies, announced today the launch of kACE OMS, a key new module of its award-winning platform kACE Pro, that delivers an Order Management System (“OMS”) for the FX options market.
kACE OMS is unique in offering functionality FX options trading desks need to leverage internal and external liquidity, and risk management. Launched with out-of-the-box connectivity to major trading venues of FX options and 16 liquidity providers, kACE OMS manages client orders through the quoting process and risk-offsetting workflow from multiple sources, including kACE Sales, e-commerce platforms, and third-party applications. Per the clients’ preferences each of the processes can be automated in the system or handled manually, including price construction, spreading, streaming updates, credit checking, quote management and risk-offset of the entire market risk or the delta position only.
Rich Winter, Senior Managing Director and Global Head of Fenics Market Data and Information Analytics, said, “kACE OMS democratizes electronic price making and distribution, allowing firms with lower flows or narrower remits than the tier one banks to build a bespoke trading infrastructure, leveraging white labelled liquidity to automate and provide electronic price making across a wide range of FX and structured products.”
Richard Brunt, Managing Director at kACE, added, “The market is evolving. Tier one banks are now making their trading APIs more widely available to clients for FX options. Participants are recognising the benefits to white labelling external liquidity, allowing them to provide a full bureau service to their clients with broad currency pair and product coverage.” Brunt continued, “The desire for best execution is another driver, with MiFID II regulation in Europe strengthening the wording around this. Banks see the application of best practices as a valuable component and differentiator for the service they are offering to clients. kACE OMS benefits the liquidity provider and their client, bringing more business more efficiently.”
John Crisp, Director of Product Strategy at kACE, added, “A key component to successfully implement such a solution is ease of customisation and integration. Our APIs and SDKs have been designed to achieve this efficiently, enabling clients to roll out kACE OMS smoothly, leveraging years of experience integrating the platform across hundreds of clients. We are already processing thousands of trades annually across kACE Gateway, our middleware offering connecting liquidity providers to their clients. We expect these volumes to continue to grow significantly with the release of kACE OMS.”
kACE is the product brand for solutions provided by Fenics Software Limited. The brand was launched in July 2018 following the acquisition of Kalahari Limited by Fenics Software Limited. The product range includes pricing, analytics, distribution and trading tools for a broad range of asset classes.
Fenics Software Limited has over 30 years’ experience providing intuitive pre-trade analysis, risk management, automated client price distribution, post trade processing and innovative pricing solutions for the FX derivatives and financial markets. The extensive range of APIs facilitate connectivity to third parties and bespoke front-end solutions. Through its hosted Gateway service, Fenics Software Limited connects its client community to counterparties, venues, regulators and vendors.
About BGC Partners, Inc.
BGC Partners, Inc. (“BGC”) is a leading global brokerage and financial technology company. BGC, through its various affiliates, specializes in the brokerage of a broad range of products, including Fixed Income (Rates and Credit), Foreign Exchange, Equities, Energy and Commodities, Shipping, and Futures. BGC, through its various affiliates, also provides a wide variety of services, including trade execution, brokerage, clearing, trade compression, post-trade, information, and other back-office services to a broad range of financial and non-financial institutions. Through its brands, including Fenics®, FMX™, FMX Futures Exchange™, Fenics Markets Xchange™, Fenics Digital™, Fenics UST™, Fenics FX™, Fenics Repo™, Fenics Direct™, Fenics MID™, Fenics Market Data™, Fenics GO™, Fenics PortfolioMatch™, BGC®, BGC Trader™, kACE2™, and Lucera®, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets. BGC, BGC Partners, BGC Trader, GFI, GFI Ginga, CreditMatch, Fenics, Fenics.com, FMX, Sunrise Brokers, Poten & Partners, RP Martin, kACE2, Capitalab, Swaptioniser, CBID, Caventor, LumeMarkets and Lucera are trademarks/service marks and/or registered trademarks/service marks of BGC and/or its affiliates.
BGC’s customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC’s Class A common stock trades on the Nasdaq Global Select Market under the ticker symbol “BGCP”. BGC is led by Chairman of the Board and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com.