In other FinTech news, the SaxoTraderGO has new biometric support and the CFTC reaches out to Hong Kong.
Brady Hopes Temenos Unit Will Help Broaden Offerings
Brady PLC, maker of trading, risk management and settlement solutions for the energy, commodities and recycling sectors, has acquired the Energycredit unit from vendor Temenos Group, officials say.
The combination of each’s offerings should help Brady branch out into new commodity asset classes, Brady officials say.
Temenos, based in Geneva, Switzerland, offers core banking, data management, payments and back-office solutions, officials say. The Energycredit group offers “specialized domain expertise in credit risk to the energy and commodity markets,” and has offices in the U.K., U.S. and India for energy customers that are among the world’s largest utilities, producers and trading firms, Brady officials say.
“By combining Brady’s knowledge and expertise in the commodity risk management space with Energycredit’s platform and expertise and relationships in the credit space, we will extend the functionality into the wider commodity asset classes and provide customers with a complete risk management suite of solutions,” says Gavin Lavelle, CEO of Brady, in a prepared statement. The acquisition will bring to Brady “a highly skilled team that understands the nuances of this increasingly crucial element of commodity risk management,” Lavelle adds.
The acquisition will also mean that the two companies will “collaborate to create a comprehensive solution for the market,” officials say. Brady will also be leveraging an offshore development house, “product synergies and additional resources” that will impact customer care, development and testing.
Fauwad Hurzuk, head of product at Energycredit, says the united development teams “are looking forward to extending the breadth of our solutions into wider asset classes and Brady will quickly see the benefits of an enlarged development team,” in a prepared statement.
SaxoTraderGO Adds Apple’s Touch ID Support
Saxo Bank, which offers global online trading for private and institutional clients, is adding biometric verification for client identification via Apple Inc.’s Touch ID support on the SaxoTraderGO mobile platform for multi-asset trading from a single account, officials say.
Touch ID fingerprint recognition, designed by Apple, is part of the SaxoTraderGO application update for Apple iPhones and iPads, officials say. The upgrade has been released to Saxo Bank clients and has become globally available.
The upgrade also offers an optional feature — the capability to store multiple account credentials, officials say.
“With the launch of the SaxoTraderGO platform we have seen a continuation in the rising trend in client activity originating from mobile devices,” says Christian Hammer, Saxo Bank’s head of platforms, in a prepared statement. “By introducing Touch ID support, we are both enhancing ease of account access while maintaining the high-level of security we demand for our clients.”
The new SaxonTraderGO features also include a dedicated chat section facilitating communication between clients and Saxo Bank’s sales traders, officials say.
The upgrade will also feature multi-screen support via desktops, which will allow “the chart module to be popped-out into a separate browser window enabling clients to interact with it on a second screen while still connected with the main platform window,” officials say.
SaxoTraderGO was originally launched in May 2015 and built with Saxo’s OpenAPI as its foundation, officials say.
The OpenAPI (application programming interface) service infrastructure supports the entire trade life cycle — from pre-trade, execution and post-trade services for exchange-traded funds (ETFs), cash stocks, contracts for differences (CFD’s), futures, options and foreign exchange instruments.
The API allows Saxo’s institutional clients to develop solutions and to “integrate trading and investment capabilities directly into their own applications and systems,” officials add.
CFTC, Hong Kong Securities and Futures Commission Sign MOU
CFTC Chairman Timothy Massad has signed a memorandum of understanding (MOU) with Hong Kong Securities and Futures Commission (SFC) CEO Ashley Alder to foster cooperation and the exchange of information for the oversight of regulated entities that operate on a cross-border basis in the United States and in Hong Kong, say officials.
Through the MOU, the CFTC and SFC will “cooperate in the interest of fulfilling their respective regulatory mandates,” officials say. “The scope of the MOU includes markets and organized trading platforms, central counterparties, and intermediaries, dealers, and other market participants.”
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