Cognotec reduces pricing risk

The market rate manager (MRM) removes the need for banks to rely on spreadsheets and reduces the frequency with which deals need to be scrutinised, said Kevin Galliers, head of sales and marketing. With e-FX dealing increasing relative to total FX trading, the need to provide prices at speed has grown with it.

Cognotec’s market research found that medium-sized banks are losing up to $750,000 a year from mis-priced deals, as current systems use unreliable spreadsheets and human intervention at