Jyske Bank, the Danish FX trading firm, has reached a contractual agreement with Barracuda FX, intended to use the latter’s technological prowess to enhance the order execution capacity of Jyske Bank.
Barracuda FX has enhanced its technology offerings in recent years, as the company attempts to provide banks and financial firms access to a wide network of users, thereby alleviating several obstacles for FX order execution. Barracuda’s products include Order Management Systems (OMS), OMS Cloud, and Order Hub. The OMS Cloud service, which has been developed directly by Barracuda, enables banks to avoid outsourcing their OMS technology to single dealer platforms. The system was developed in response to the growing demand for OMS technology solutions for banks.
Moreover, Barracuda’s Order Hub is one of the highlights that makes the company’s services so appealing to banks. Order Hub is an electronic order passing network which allows both the outsourcing and in-sourcing of orders, and offers support for bilateral trading relationships. The system solves some of the underlying obstacles for banks by allowing users to fill in time-zone coverage, access algo-trading and centralize market connectivity, in one convenient ‘hub’.
Jyske Bank comes to the agreement with the aspirations that the technological features offered by Barracuda FX will help to improve its operational efficiency. Morten Byrdal, Head of Trading at Jyske Bank, commented on the companies’ recently forged agreement: “We are very pleased to partner with Barracuda FX for our order management system. The quality of their product was obvious to us after detailed analysis, but the critical factor was the ability to use the Order Hub service which helps us embrace modern, digital technology solutions to improve our operations.”
Fraser Devlin, Head of Sales for Barracuda FX, said: “We are delighted to welcome them as a client, especially due to their advocacy of our unique Order Hub service.”