Cognotec Unveils New Market Rate Manager Dealing Tool
Pricing engine provider Cognotec has launched Market Rate Manager, an application which allows financial institutions to increase the reliability of their FX prices using multiple rate feeds. Market Rate Manager gathers rates from multiple sources and blends them to the bank’s criteria. The software solution provides bank-specific pricing calculations, enabling the institution to deliver consistent pricing throughout its various price distribution channels, according to Cognotec. The company claimed the solution will allow institutions and their clients to benefit from the increased efficiency and cost-savings afforded by higher online dealing volumes. Cognotec noted that a growing number of banks are using electronic dealing to reduce the cost of participating in the foreign exchange markets. Accurate rate feeds are important in order to minimise ‘rate risk,’ i.e. losses on positions generated on deals where the underlying rate was ‘off’ market.