Orca, a provider of solutions for the financial services industry, has seen the beta launch of its Sales Management and Trading (SMT) interface, its new foreign exchange (FX) pricing and execution utility, according to an Orca statement.
Orca’s new interface will cater to institutional FX dealing desks that are aiming to consolidate a series of tasks into one cohesive application – this includes detailed trade information, liquidity, and measured margin potential.
Traditionally, sales personnel at institutional FX desks were relegated to utilizing single dealer platforms or multi-bank aggregators in an attempt to hedge exposure with their clients. This practice saw the provision of client quotes from prices derived from these systems, which consequently incorporated a small spread on each trade as a fee.
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Orca SMT was designed in an attempt to mitigate pricing errors and inefficiencies, which effectively automates the entirety of the process, through a FiX connection to liquidity sources. Orca hopes the resulting process will rely on a more stable and accurately prices utility for clients given the transparency in margin capture that FX sales personnel are adding as they quote their clients.
According to Daniel Osborne, Chief Executive Office (CEO) of Orca SMT, in a recent statement on the beta launch, “I am happy to announce that Orca SMT has completed its initial testing and is currently in a beta phase with several banks.”
“By providing salespeople with real-time client intelligence, Orca SMT enables them to price more accurately and ultimately win more deals. Combining this functionality with management visibility and connectivity to deal capture and risk management systems, we foresee significant service level improvements in voice traded FX,” he added.