Sydbank opts for Siena tools

COPENHAGEN - Sydbank is replacing technology from Cognotec with Eurobase's Siena Rate Manager and Siena eTrader, as it prepares to launch a new version of its single-bank electronic foreign exchange trading platform by 2010.

The bank is re-branding the platform to showcase enhanced straight-through processing and order types, such as limit orders. Siena eTrader, a browser-based FX and money-market products order management and electronic trading execution platform, will initially cover FX spot, forwards and swaps. Siena Rate Manager will support pricing, including executable streaming prices, and enable one and two-click trading both for Sydbank investment centres and customers.

"Our customers' requirements have changed over the years and we plan to launch this as a new product to meet those needs," said Preben Hansen, Sydbank's project manager in Copenhagen. "Having an established e-FX business, we recognise the need to continually improve our e-FX offerings, and Eurobase's Siena offering has the flexibility and functionality to meet our requirements to satisfy the growing needs of our customers."

Eurobase is configuring the system to fit Sydbank's re-branding requirements, including the front-end look and feel of the platform. With the rate manager, users will also be able to blend spread or skew prices to reflect the market views or underlying position exposure, including spike monitoring, volatility and spread checking (FX Week, September 15).

"Sydbank's e-trading volumes were going down because of the lack of functionality to meet greater demand from its customers," said John Barratt, the vendor's sales director in London. "It sees this product as now being able to satisfy its customers' needs - to get it back to where it was before - and beyond."

Cognotec declined to comment.