GFI buys exotic options model
“Fenics is very good at pricing vanilla options,” said an options specialist at a US bank in London who requested anonymity. "But when it comes to pricing exotic options there is no market standard. Each bank has its own way of doing it," he said.
GFI had previously licensed dVega, which was delivered to clients through Fenics FX, at an unspecified extra cost to the user. Now, Fenics customers will be able to use dVega without paying extra for their Fenics subscription.
Combining it with data from its brokerage desks also means GFI will improve the dVega model, meaning customers will get a price that more closely reflects the price quoted in the market, said Nicola Williamson, product manager for Fenics FX in London.
GFI bought the dVega model, and its parent company, also called dVega, for an undisclosed amount.
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