BoA Selects FNX’s Sierra For 500 Global Trading Positions

NEWS

WAYNE, PENN--Bank of America (BoA) has selected FNX’s Sierra for front-office foreign exchange trading operations covering 500 traders in 32 of its global offices, replacing an in-house system the bank has had for nearly 10 years.

Sierra will be replacing Trader 2, a proprietary in-house front office system that BoA adopted with its acquisition of SecPac in 1991. Although Sierra has full front-to-back office capability, BoA says it will initially continue to use another proprietary system for