User Contributed News –\u00a0GFI Group Inc. (NYSE:GFIG) announced today that the FENICS FX options multi-bank trading platform \u201cFENICS TraderSM\u201c will now be operated by regulated subsidiaries of GFI Group Inc. and renamed GFI Direct.<\/p>\n
This repositioning of the Request for Quote \u201cRFQ\u201d platform for FX options responds to the requirements of the new regulatory environment introduced by the Dodd\u2013Frank Wall Street Reform and Consumer Protection Act and the regulations issued by the CFTC.<\/p>\n
Paul Millward, Head of FX E-Commerce at GFI Group said: \u201cWe are delighted to be taking responsibility for building on the success of FENICS Trader under the GFI Direct brand. Our GFI Direct customers will continue to receive the high level of service that they currently receive from FENICSSM. In addition, we will develop the GFI Direct product as a key part of GFI’s FX ecommerce strategy\u201d.<\/p>\n
Richard Brunt, Managing Director of FENICS, explained the changes: \u201cWe are making these changes in response to US regulations enacted as part of the Dodd Frank Act. This transition will not inconvenience our clients or our liquidity providers with no change to their existing workflow\u201d, Brunt continued: \u201cGFI Direct will be available as a trading venue via the FENICS ProfessionalSM desktop, with auto population of order requests to GFI Direct and STP of post trade details for risk management and downstream processing\u201d.<\/p>\n
FENICS Trader was launched in February 2011.FENICS Trader is a single point of access to multi-bank liquidity for foreign exchange options. It facilitates independent FX options price discovery, offering a \u201cmany-to-many\u201d venue for bilateral trading and execution.<\/p>\n