Global Information Technologies (Globit) has partnered with cross-asset analytics provider Numerix to provide integrated pricing solutions and Fx derivatives to a growing Turkish market, according to a Numerix statement.
Numerix is a leading provider of structured products with exposure and support across multiple asset-classes, including derivatives, fixed income, credit, foreign exchange and commodities. Its new accord with Globit will enable retail branches to price out Fx derivatives, albeit within pre-defined parameters – Turkey has shown a willingness and propensity for Fx trading in recent years, with this initiative attempting to tap this growth. In purchasing Fx products directly from mandated banks, firms or clients can avoid high operational costs, improper pricing and valuation tools, and lags in processing times.
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According to Ozan Vakar, Founder and Chief Executive Officer of Globit, in a recent statement, “At Globit we pride ourselves on providing integrated software solutions that address real-world business problems within Finance and Banking institutions, and critical to our success are the technology alliances we forge. With Numerix we’re able to offer our customers a wider range of products, services and the customized solutions they demand, with greater value add. In leveraging the strength of the Numerix model library, combined with the flexibility and scalability of the CrossAsset platform, our partnership will enable banks throughout the region to provide automated pricing for the sales process which later on can be sent to treasury for hedging purposes.”
Indeed, Turkey lays claim to nearly twenty Fx brokerages operating in the country in a budding industry. Private investors in Turkey have shown a rising interest in Fx and traditional derivatives products. “Globit has deep rooted software capabilities with proven success in designing, developing and implementing a diverse range of technology solutions across treasury front, middle and back office. Supported by an experienced team of integration professionals and financial engineers, we see this partnership as a natural extension of our analytics, and opportunity to expand into a new territory,” added Steven R. O’Hanlon, Chief Executive Officer and President of Numerix.