Merrill Lynch takes Fenics

"Fenics FX is the worldwide standard software used to price FX options," said Jay Morreale, global head of FX technology at Merrill in London. "Developing this technology in-house is not cost-effective," he added, underlining a growing trend for banks to outsource FX technology, in response to cost pressures.

The Fenics purchase - one of the biggest deployments of the software worldwide - is the latest step in Merrill’s continued investment in forex. It has hired more than 70 professionals for the product group this year and repeatedly affirmed its expansionist aims in the field.

John Ashworth, chief commercial officer at GFI, and former chief executive of Fenics, which GFI bought in 2000, said the Merrill deal was particularly exciting for the firm, as it endorses changes made to the product over the past two years. "We opened up the interface, so customers could add their own models, their own volatility interpolations and their own rates," Ashworth told RiskNews' sister publication FX Week.

Ashworth said GFI’s acquisition of Fenics strengthened the product by enabling it to benchmark vanilla and exotic prices against those traded through GFI brokerage desks.

Fenics is used in more than 850 dealing rooms globally.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Chartis RiskTech100® 2024

The latest iteration of the Chartis RiskTech100®, a comprehensive independent study of the world’s major players in risk and compliance technology, is acknowledged as the go-to for clear, accurate analysis of the risk technology marketplace. With its…

T+1: complacency before the storm?

This paper, created by WatersTechnology in association with Gresham Technologies, outlines what the move to T+1 (next-day settlement) of broker/dealer-executed trades in the US and Canadian markets means for buy-side and sell-side firms

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here