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WBNP Paribas Launches Single Dealer Platform With Integrated FX Assistant
French banking giant BNP Paribas announced the launch of Cortex Live, its single dealer platform (SDP) that integrates a Forex digital trading assistant called ALiX. The latter one works with Cortex Live by offering customers real-time commentary on execution and trading. Besides, ALiX provides notifications about important events such as market moves, data announcements, and changes in liquidity, among others.
ALiX Can React to Over 100,000 Data Points Per Second
The launch of Cortex Live is part of BNP Paribas’ dedication to digital growth. The bank developed the SDP to meet client demand for innovative execution approaches, better controls, and transparency.
ALiX, which relies on Artificial Intelligence (AI), can react to more than 100,000 data point per second, according to the bank. Thus, clients can assess the changing market in real-time.
Asif Razaq, head of FX algorithmic execution at BNP Paribas, commented:
We are proud to launch Cortex LIVE and ALiX. Our continued innovation takes clients into the next digital era as ALiX delivers a live commentary on execution, key markets events and provides a pioneering user experience. The client has complete control, while ALiX enhances execution capabilities and offers full transparency throughout execution.
Joe Nash, COO of digital FX at BNP Paribas, said that the bank provided clients with simplicity in a complex market.
The recent regulatory changes, including in the EU’s updated Markets in Financial Instruments Directive, urge banks and fund managers to rely on algorithms when trading, given that their activity might be monitored online compared with communication over the phone.
BNP Paribas Partners With Kantox
In a separate statement, BNP Paribas announced that it had reached an agreement with Kantox. The two companies will offer Kantox’s Dynamic Hedging services to BNP Paribas’ customers in Europe, the Middle East, and Africa (EMEA). Dynamic Hedging is a software tool that enables corporate treasurers to streamline and automate Forex workflows.
Kantox CEO and co-founder Philippe Gelis commented on the deal:
We are pleased to jointly offer our award-winning Dynamic Hedging solution to BNP Paribas’ corporate clients. Our solution allows treasurers to automate FX management and leverage micro-hedging to save time and streamline workflows. We believe that our offering, combined with the financial strength of BNP Paribas as a banking partner, is an attractive value proposition for their existing corporate client base.
Xavier Gallant, co-Head of Corporate Rates, FX and Local Markets Sales EMEA at BNP Paribas, explained that managing Forex risk required that the bank’s corporate clients enhance efficiencies in anticipating their future cash flows, formalising hedging practices and streamlining execution through automation.
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