Kx to Provide eFX Platform to Sumitomo Mitsui Banking Corporation

The technology provider will build and manage the next-generation eFX platform.

Kx, a provider of high-performance, in-memory computing, streaming analytics, and operational intelligence, announced this Thursday that it has been chosen by Sumitomo Mitsui Banking Corporation to build and manage its next-generation electronic foreign exchange (eFX) platform.

A division of First Derivatives, Kx will provide the Japanese multinational company and its clients with a trading platform that offers electronic execution, distribution capabilities, algorithmic trading, risk management, and real-time, pre-and post-trade analytics, under its multi-year agreement.

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eFX platform is live with Phase One

Currently, Sumitomo Mitsui is live with Phase One of the platform, which provides tighter spreads, deeper liquidity, and high fill rates than the bank was previously able to offer its clients.

According to the statement released today, the trading platform solution is built on three components –  Kx for Flow, Algo Risk Management, and FX Analytics. By selecting Kx, the bank hopes to increase its client reach through improving its FX offering.

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Commenting on the announcement, Katsuhiko Yano, Joint General Manager, Global Markets Engineering at Sumitomo Mitsui Banking Corporation said in the statement: “Kx was a natural choice for Sumitomo Mitsui Banking Corporation and is well placed to provide us with a flexible, scalable and high-performance technology that easily integrates with our existing systems and provides us with a foundation for our continued growth and expansion in e-FX trading.”

“Kx’s ability to deliver a highly flexible platform supported by a local Japanese presence and global reach will enable us to take advantage of many new opportunities for Sumitomo Mitsui Banking Corporation and our clients.”

The new eFX platform will contribute to an integral part of Sumitomo Mitsui Banking Corporation’s FX ecosystem.

Patrick Brazel of Kx
Patrick Brazel, Chief Commercial Officer of Kx
Source: LinkedIn

“We are very pleased to partner with Sumitomo Mitsui Banking Corporation on this strategic initiative,” added Patrick Brazel, Chief Commercial Officer of Kx. “Our e-FX solutions deliver rich functionality informed by many years of FX domain expertise and powered by the world-leading performance of Kx technology. This combination is delivering important benefits for our clients and establishing Kx as a key technology provider to the e-FX market.

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