France’s leading bank BNP Paribas has announced the launch of its electronic trading platform for Foreign Exchange Trading. The bank has launched the much awaited CORTEX FX platform, enabling consumers to use multi-product solution for corporate and financial institutional clients to manage their foreign exchange requirements.
BNP Paribas electronic markets global head Thomas Soede said CORTEX FX is an electronic application that is fully integrated in terms of product access, enabling clients to benefit from using a range of intelligent electronic tools and services.
“Additional asset class applications will be launched on the CORTEX platform in the coming months,” said Soede.
The new platform provides full access of electronic foreign exchange products, tools and services through a single point of access, said the firm.
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The system is based on Silverlight technology, which facilitates consumers to develop foreign exchange strategies, access market-leading research and execute, monitor and evaluate their foreign exchange trades, claims BNP Paribas.
The FXPB space was dominated by 4 to 5 players, however post Lehman crash banks like BNP revamped their PB offering as institutions were weary of holding cash with one entity.
BNP Paribas has positioned itself as a mid tier PB for hedge funds and retail aggregators, with reasonable collateral requirements and offerings.
Forexmagnates team will be writing a detailed report on Prime Brokerage for Retail FX Brokers in the next quarterly report.