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 said, 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 f