GNI adds to spot platform

UK broker GNI, a division of alternative investment provider Man Group, goes live today with two more currency pairs on its online platform GNI Touch's spot forex trading module, reports RiskNews' sister publication, FX Week .

The additions – sterling against the Swiss franc and the Canadian dollar – bring the total number of currency pairs covered to 17. Lance Farrant, forex marketing manager at GNI in London, said they were added in response to client demand. "Recent volatility in those currencies has resulted in clients asking for them," said Farrant.

The platform, which went live for spot forex trading in May this year, initially covered eight currency pairs. It launched with about 30 clients but has since seen that number more than double, said Farrant. It has proved particularly popular for larger funds due to risk management features, he added, but small professional traders have also formed a large part of the firm's client base. Geographically, the firm has seen a lot of interest in the product from eastern European and ex-Soviet states and South Africa, said Farrant.

The next stage would be to add Fix compliance, although Farrant could not confirm an exact launch date. "We have some clients currently writing to and testing the application programming interface compatibility, and will be providing the platform via Fix in the future," he said.

GNI Touch offers executable streaming prices, real-time risk management and mark-to-market position reports, plus limit, stop and price alerts. It also includes external research and analytical tools from UK financial markets research firm 4Cast. The technology is based on the Crossfire trading system from London-based derivatives trading software vendor Future Dynamics. The forex spot module added to the broker's existing online coverage for contracts-for-difference and futures, which were set up in 1998.