kACE launches Order Management System for FX Options

Rhea-AI Summary

BGC Partners announced the launch of kACE OMS, an Order Management System specifically designed for the FX options market. This new module offers essential features for trading desks, including connectivity to major FX options trading venues and 16 liquidity providers. The system enables both automated and manual handling of client orders, enhancing risk management and liquidity. Senior executives emphasized its democratizing effect on electronic pricing and noted the growing trend for tier one banks to provide better access to trading APIs. The company expects the volume of processed trades to increase significantly with this launch.

Positive

• Launch of kACE OMS offering enhanced trading capabilities for FX options.
• Out-of-the-box connectivity to major FX options venues and multiple liquidity providers.
• Automation of client order processes improves efficiency and risk management.
• Anticipated significant growth in processed trade volumes with the new system.

Negative

• None.

LONDON, Feb. 22, 2023 /PRNewswire/ -- 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."

About kACE
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. You can also follow BGC at https://twitter.com/bgcpartners, https://www.linkedin.com/company/bgc-partners and/or http://ir.bgcpartners.com/Investors/default.aspx.

Discussion of Forward-Looking Statements about BGC
Statements in this document regarding BGC that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

Media Contact:
Harjeet Singh
+44 207-894-8829

Investor Contact:
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+1 212-610-2426

 

 

 

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SOURCE Fenics Software Limited

FAQ

What is kACE OMS launched by BGC Partners?

kACE OMS is an Order Management System for the FX options market, enabling efficient trading and risk management.

When was kACE OMS announced?

kACE OMS was announced on February 22, 2023.

What are the key features of kACE OMS?

Key features include connectivity to major FX options venues, integration with liquidity providers, and automated order processing.

How will kACE OMS impact trade volumes for BGC Partners?

BGC Partners expects kACE OMS to significantly increase the volume of trades processed annually.

What market does kACE OMS serve?

kACE OMS serves the FX options market, facilitating trading operations for financial firms.