Author: fenics

• Best Innovative Specialist Vendor 2016 (Asia Risk)
• No.1 Derivatives Pricing and Risk Analytics Foreign Exchange 2016 (Asia Risk)
• No.1 Trading Systems Foreign Exchange (Front-to-Back Office) 2016 (Asia Risk)

Risk article

(http://www.fxweek.com/fx-week/interview/2464099/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.

London, September 7, 2015 – FENICS®, the market leading provider of FX options software and workflow solutions, today announced the release of FENICS Professional™ 12.4, including FENICS Dealing Engine, delivering automation of client-specific price generation, distribution and execution. FENICS 12.4 is available for upgrade to all FENICS Professional subscribers.

FENICS Dealing Engine can be accessed via a new execution panel which allows sales teams to view quotes, time to expiry and the ability to execute and book trades. Alternatively the same functionality can be accessed via a Dealing API which can be interfaced with third party systems or proprietary platforms. The Dealing Settings screen is provided to allow traders and business managers to define and monitor dealing rules.

John Crisp, Director of Product, commented: “FENICS 12.4 has been built in close collaboration with several of our long term customers. This has been very beneficial in ensuring that the workflow and user experience meets the market’s needs. It was equally important to recognize that some customers would want to avoid increasing the number of platforms on their sales desks. The Dealing API gives our customers the choice to integrate the new dealing functionality into their existing systems.”

Mr. Crisp continued: “Already we have engaged in discussions where innovative ideas on how FENICS Dealing could be deployed; from powering client facing e-commerce platform, to rolling our Sales solutions across the region or on a global basis”.

Richard Brunt, Managing Director of FENICS, stated, “The feedback on FENICS 12.4 has been excellent and we have already secured a significant new client during the soft launch phase. It is essential that we build on this early success, continue to listen to the feedback from our clients and deliver the solutions they require’.

FENICS is used at over 350 client sites worldwide with thousands of end users from all across the financial markets benefiting from its solutions.

For any queries or additional information please contact:

Media Contacts:
Remi Kuroyanagi
Fenics Software
+44 (0) 207 877 8055

Investor Contact:
Jason McGruder
BGC Partners
+1 212 829 4988

2015 年5 月XX 日

通貨オプション管理ソリューション「FENICS Professional」と

市場系統合ソリューション「Prélude Enterprise」の連携機能を開発

FENICS Software Ltd.

株式会社ＮＴＴデータ・フィナンシャル・ソリューションズ

FENICS Software Ltd.（本社：英国、マネージング・ダイレクター：リチャード・ブラント/東京支店長：金沢 淳夫、

以下：FENICS 社）と株式会社ＮＴＴデータ・フィナンシャル・ソリューションズ（本社：東京都千代田区、代表取締役

社長：土橋 謙、以下：NDFS）は、FENICS 社の通貨オプション管理ソリューション「FENICS Professional」と、

NDFS の市場系取引向け総合ソリューション「Prélude Enterprise」の連携機能を開発し、2015 年8 月1 日から両

社で提供を開始します。

これにより、通貨オプションを取り扱う金融機関や事業会社は、通貨オプション取引を含む各種金融商

品のフロント業務(注1)・ミドル業務（注2）・バック業務(注3)を対象として、リアルタイムかつ一元的に実施可能なシステム

を構築することが出来るようになります。両社では、これまでそれぞれのシステムを提供してきた顧客企業をはじめ、

通貨オプション取引ニーズを持つ金融機関、事業法人に対し、国内のみならずグローバルで｢FENICS

Professional｣と「Prélude Enterprise」を組み合わせたシステム構築の提案を進めていきます。

【背景と目的】

FENICS（フェニックス）社が提供する「FENICS Professional」は、市場金融商品である通貨オプションのプライシ

ングや取引管理、各種分析機能を持つ世界的スタンダードとして高いシェアを誇るフロント業務向けソリューショ

ンであり、国内外の大手銀行、地域金融機関、通貨オプション取引を行う一般企業を含む幅広いユーザーに長

年利用されています。

一方、NDFS が提供する「Prélude Enterprise」は、資金為替やデリバティブズ、有価証券といった幅広い金融商

品取引をサポートするフロント・ミドル・バック機能統合ソリューションで、主に国内の証券会社や銀行等、市場系

業務を行う30 を超える金融機関等で採用され、当該分野では本邦トップクラスのシェアを誇っています。

これまで通貨オプション取引のフロント業務機能に「FENICS Professional」を利用している金融機関等が、ミド

ル・バック業務を行う際は、別途用意したシステムに「FENICS Professional」が出力する通貨オプション取引の各

種データと、その他金融商品取引データをそれぞれ取り込む必要がありました。

こうした状況から、両社は2014 年10 月27 日に市場金融商品取引向けソリューションに関する業務提携を行い、

当該分野における両社ソリューションの協業について検討を実施してきました。検討の結果、多くの金融機関等

において通貨オプション取引の管理高度化および省力化のニーズがこれまで以上に高まるととらえ、通貨オプシ

ョン取引のフロント業務を対象とする「ＦＥＮＩＣＳ Professional」と、「Prélude Enterprise」が持つミドル業務、バック

オフィス業務の連携を実現する機能を開発することとなりました。

【概要】

今回開発した連携機能を用いて「FENICS Professional」と「Prélude Enterprise」を連携させることで、通貨オプ

ション取引を含むさまざまな金融商品の約定取引データや市況データが「Prélude Enterprise」にリアルタイムかつ

一元的に取り込むことができ、「Prélude Enterprise」上で、より現在の状況に即したリスク分析や、決済期日管理

等のバック業務を行うことが可能となります。

【特長】

１． 「FENICS Professional」を用いて取引された通貨オプションと、「Prélude Enterprise」を用いて取引されたさま

ざまな金融取引商品の情報を、リアルタイムかつ一元的にリスク分析することが可能となります。これにより

VaR（バリューアットリスク）（注4）の算出等リスク管理機能や損益等のシミュレーションといったポートフォリオレ

ベルでの管理高度化が容易になります。

２． リスク管理同様、期日管理や口座管理・仕訳等のバック業務においても、「FENICS Professional」を用いて取

引された通貨オプションを「Prélude Enterprise」が持つ機能を使って管理することが可能になります。

これにより、これまでの「通貨オプション取引のみ他の取引と別管理をしなくてはならない」、あるいは「連携処

理を別途開発しなくてはならない」等の問題を解決することが可能となります。

３． Prelude を利用しているお客さまにおいては、世界の通貨オプション取引市場で認められている「FENICS

Professional」の高品位な数式群や柔軟なユーザーインターフェイス、広範囲な商品カバレッジの優位性、さ

らには「FENICS GatewayTM」（注5）を通じて提供されるさまざまなサービスなどを連携機能経由で利用可能とな

ります。

【今後の展開】

現在NDFS では、「FENICS Professional」と連携して海外の金融機関等に対してもサービス展開を図っていくた

め、「Prélude Enterprise」の英語化など、グローバル対応を進めており、2016 年までにまずはアジア地域での販

売開始を目指します。

FENICS 社、NDFS それぞれの強みを生かした連携を行うことで、証拠金規制対応など新たなニーズへの対応

なども進め、より付加価値の高いサービスを提供していきます。

＊「FENICS Professional」は、FENICS Software Ltd.の登録商標です。

＊「Prélude Enterprise」は、日本国内におけるＮＴＴデータ・フィナンシャル・ソリューションズの登録商標です。

（注１） フロント業務とは、顧客・取引先金融機関などと折衝し、金融取引契約を成立させる業務。

（注２） ミドル業務とは、フロント業務のチェックおよびリスク管理などの業務。

（注３） バック業務とは、期日管理、資金支払いなどの金融取引に関する事務手続き。

（注４） VaR(Value at Risk)とは、金融資産のリスクを分析する手法の一つであり、一定の条件下における損失予測額を示す。

（注５） FENICS GatewayTM とは、利用企業とさまざまな企業が提供する通貨オプション取引に関するサービスとの接続を行うためにFENICS

社が提供しているソリューション。

（注６） 証拠金規制とは、金融危機時における金融システムの安定を目的とし、中央清算されないデリバティブ取引において取引相手先が破

綻した場合のために証拠金を授受することを求める規制。

【参考】

FENICS の概要

（1）名称 FENICS Software Ltd.

（2）所在地 ロンドン市スノーデン・ストリート１

（3）代表者 マネージング・ダイレクター リチャード・ブラント

東京支店長 金沢 淳夫

NDFS の概要

（1）名称 株式会社エヌ・ティ・ティ・データ・フィナンシャル・ソリューションズ

（2）所在地 東京都千代田区神田錦町一丁目19 番地1 神田橋パークビルヂング 4 階

（3）設立 2008 年4 月1 日

（4）代表者 代表取締役社長 土橋 謙

（5）資本金 5,000 万円（100%株式会社ＮＴＴデータ出資）

（6）事業内容 コンピュータソフトウエア開発およびコンサルティング

報道機関向け問い合わせ先

FENICS Software Ltd.

担当： 金沢 淳夫 03-3552-5111

株式会社ＮＴＴデータ・フィナンシャル・ソリューションズ

担当：原 卓也

03-6870-6215

Development of DDL of “FENICS Professional”, FX options technology and solution, and “Prélude Enterprise”, multi-asset trading and risk management solution

Fenics Software Limited

NTT Data Financial Solutions Corporation

[Background and purpose]

FENICS is an award winning provider of FX options technology and solutions and enjoys a well established and growing global client base including banks, buy side financial institutions and corporate treasuries. 

On the other hand, NDFS is the Japanese provider of Prélude, which is the multi-asset trading and risk management solutions for funds exchange, derivatives and securities, and already has more than 30 customers of financial institutions with top share in the said field. 

Both companies had agreed the business alliance about financial products on 27Oct2014, and had been discussing on our collaboration.  After much discussion, we decided to develop new solution which integrated the capacities of “FENICS Professional” and “Prélude” to connect front, middle and back office operations under the assumption of increased needs for more precise pricing of FX options in the market and streamline processing.

[Summary]

When financial institutions, etc. use “FENICS Professional” for pricing FX options in front office, it is necessary to input various trading data generated in FENICS and other financial product data generated in “Prélude Enterprise” in middle and back offices to separate system.

By using newly developed integrated solution, with the connection of “FENICS Professional” and “Prélude Enterprise”, various traded data including FX options and market data can be input in real time as one source into “Prélude Enterprise”, and users can easily manage back office operation like risk analysis and settlement dates.

[Features]

1.         Trading data of FX options generated in “FENICS Professional” and trading data of

            various financial products generated in “Prélude Enterprise” can be analyze their risks

            in real-time and integrated manner. It can realize the management sophistication in

            portfolio level such as calculation of VaR (Value at Risk) (note 4), etc. in risk manage-

ment and P/L simulation.

2.         Same as risk management, back office operations like management of settlement

            dates, account and journal, can be managed the traded data of FX option generated

            in “FENICS Professional” with functionality in “Prélude Enterprise”. 
This solution can

            provide to integrate FX option trading, which has been managed separately with other

            trading, or needed to develop separate solution to connect.

3.         Prélude users can take advantage of the industry standard pricing and analytics

            platform, “FENICS Professional”, with its high-quality maths, user-friendly interface and

            wide coverage of products, and enjoy various services through FENICS Gateway (note

            5) by use of this new solution.

[Future Development]

NDFS has been preparing to corresponding globalization including English localization of Prélude to introduce services toward global financial institutions with affiliation of FENICS and targets to start its sales in Asia area in 2016.

FENICS and NDFS will continue to promote the value-added service development by this business alliance with combination of mutual feature benefits toward new needs in financial market like counter measure for strengthening regulation for margin requirements (note 6).

(note 1) Front office operations include negotiation with customers and financial institutions to conclude financial contracts.

(note 2) Middle office operations include checking of front office operation and manage risks.

(note 3) Back office operations include business management as management of settlement dates, fund payments, etc. regarding financial trading.

(note 4) VaR (Value at Risk) is an analytic method to measure risks for financial assets with  forecasted loss amount in certain conditions.

(note 5) Regulation for margin requirements is a regulation to aim stabilization of financial system at financial crisis to require certain margining against non-centrally cleared derivative trading at the risk of default of counter party.

[Reference]

 Overview of FENICS

(1) Name:                     FENICS® Software Limited

(2) Location:                1 Snowden Street, London EC2A 2DQ

(3) Representative:      Richard Brunt – Managing Director

                                    Atsuo Kanazawa – Head of Tokyo Branch

Overview of NDFS

(1) Name:                     NTT DATA Financial Solutions Corporation

(2) Location:                4^th Floor Kandabashi Park Building, 1-19-1 Kanda Nishiki-cho,

                                    Chiyoda-ku, Tokyo

(3) Establishment:        1 April 2008

(4) Representative:      Ken Tsuchihashi – Representative Director, President

(5) Capital:                   ¥ 50 million (100% owned by NTT Data)

(6) Business:               Computer software development and consulting

Inquiries for media organization:

FENICS Software Limited

Contact:                                   Atsuo Kanazawa   03-3552-5111

NTT DATA Financial Solutions Corporation

Contact:                                   Takuya Hara      03-6870-6205

London, May 26, 2015: FENICS®, a leading provider of FX options software, announced today that it has renewed and extended its agreement with ORE, a leader in retail-friendly OTC option solutions for web, mobile and MetaTrader4 platforms. Under the terms of the agreement, FENICS will continue to provide ORE with its composite feed for FX options data derived from its premier option pricing, risk management, and lifecycle management software.

Zoe Fiddes Head of Sales at ORE, said: “Our philosophy is simple: create a great product and traders will use it. We focus on making options trading simple and accessible. We renewed and extended our agreement with FENICS because their FX option volatility data allows us to offer a stronger product to our customers and FENICS’ data offers us a deeper view of the market which provides great value to traders.”

“We are delighted to continue providing ORE with an independent and comprehensive view of the market, delivered in real time, through our FENICS XML API,” commented Diego Cruz, Head of Market Data
Sales at FENICS said. “Covering more than 140 currency pairs, our offering is market leading and helps our clients like ORE innovate in the marketplace.”