DealHub, a provider of FX data and trade connectivity products for financial firms, has announced today that managed price distribution service, FX Distribution Hub, has been selected by Danish bank, Jyske Bank. The technology will be used by Jyske Bank to connect their liquidity to global ECNs and FX trading venues. According to both DealHub and Jyske, 360T and Mako FX are expected to be the first venues connected with the bank’s liquidity using the FX Distribution Hub. For Jyske Bank, the deal is part of an expansion of their existing eFX business which also includes the upcoming launch of a proprietary eTrader platform for their customers.
In terms of streaming rates to outside sources, Lene Hjortshøj Papsø, Director, Head of Trading, FX, MM & Interest Rate Products, at Jyske explained to Forex Magnates that they currently provide liquidity to Bloomberg and FXall, but with the new DealHub technology solution will be expanding the bank’s FX pricing availability. Papso added that although they are a Scandinavian bank, they plan on streaming prices of numerous currencies by request, saying, “We are a Scandinavian bank, and the Scandinavian currencies are our niche, but we are aware that we need to be competitive in a lot other currencies also, which we think we currently are.”
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While the deal is primarily aimed at expanding Jyske’s liquidity to external destinations, when asked about potential benefits for their existing clients, Papso answered Forex Magnates that, “Local or not, it will provide all clients value that Jyske Markets is offering liquidity to more ECNs, and at the same time that we’re coming soon with our own eTrader.” She added that, “Indirectly it will also give all clients value because more flow and knowledge of the market gives the possibility to a better pricing and dialog with our clients about the markets.”
For DealHub, in the company’s press announcement, they stated that the company will also be providing trade confirmation services in that DealHub “will match trade fills against dedicated STP feeds of ticket confirmations from each venue to provide a single, fully reconciled STP feed back to the Bank.” In regards to the news, Chris Leaver, COO of DealHub, stated, “We are delighted to be working with Jyske Bank, helping them extend their price distribution and meet growing demand for their specialist liquidity with our high performance, cost effective solution. Over the last year, the market has welcomed our initiative to help manage the challenges of a fast changing ECN landscape. As a result, FX Distribution Hub is now used by a rapidly growing list of banks to improve pricing performance and expand distribution, while cutting cost and complexity from internal operations.”