kACE Introduces Order Management System for FX Options

kACE​, the solutions offered by market leader in the FX option space FENICS Software, has launched a key new module of its kACE Pro platform which offers leading edge technology to support all aspects of the FX options and metal options life cycle.

FENICS Software is a subsidiary of BGC Partners, which is a leading global brokerage and financial technology company.

kACE OMS provides the FX options market an Order Management System (OMS). The new offering democratizes electronic price making and distribution, allowing firms with lower flows or narrower remits than the tier one banks to build a bespoke trading infrastructure, according to Rich Winter, Senior Managing Director and Global Head of FENICS Market Data and Information Analytics. It leverages white labelled liquidity to automate and provide electronic price making across a wide range of FX and structured products.

The tool offers out-of-the-box connectivity to major trading venues of FX options and 16 liquidity providers, and manages client orders through the quoting process and risk-offsetting workflow from multiple sources.

"The market is evolving. Tier one banks are now making their trading APIs more widely available to clients for FX options. Participants are recognising the benefits to white labelling external liquidity, allowing them to provide a full bureau service to their clients with broad currency pair and product coverage," Richard Brunt, Managing Director at kACE, stated.

"The desire for best execution is another driver, with MiFID II regulation in Europe strengthening the wording around this. Banks see the application of best practices as a valuable component and differentiator for the service they are offering to clients. kACE OMS benefits the liquidity provider and their client, bringing more business more efficiently."