The Bank plans further automation of its foreign exchange liquidity management using the Gateway so that it offers pricing to corporate customers, financial institutions and other banks on the widest possible number of currencies and so that these customers are offered competitive rates even for non-standard currency pairs. The Bank recognises that customers have differing requirements and in this respect wants to offer this service through as many channels as possible on a real-time basis.
Eurobaseâs Siena XML Gateway allows all types of transaction management systems to understand and process messages that have been sent in any XML standard and to reply to them in the same message format. The Gateway offers standardised integration of trading and web marketplaces as well as cash and treasury management, reconciliation and payment systems. Furthermore, it offers a cost-effective, labour-saving alternative for connectivity because it replaces the use of expensive XML specialists and only requires minimal internal resources. The Gateway is fully integrated with Siena e-Trader, Eurobaseâs class-leading browser-based multi-product trading application, which supports fully-automated trading and order management across all FX, MM and Derivative products using executable streaming prices (ESP).
Full straight-through-processing is facilitated using Sienaâs advanced generic Java import and export mechanisms. The Gateway reduces operational risk by allowing seamless integration with the Bankâs and external platforms, electronic trading systems and integration with the Bankâs existing front and back office systems. This enables transaction processing efficiencies, thereby reducing the costs associated with trade processing and improving dealer productivity. The Gateway has been specifically designed to handle very high trade throughput, in a marketplace that is witnessing ever-increasing e-Trading volumes and an ever-increasing number of execution venues. The Gateway can easily be extended to allow new venues and new asset classes to be added.
David Mallinder, Head of Business Development & Sales at Eurobase Banking Solutions, commented âWe are delighted that Standard Chartered has chosen Eurobaseâs Siena XML Gateway to provide a generic insourcing and outsourcing infrastructure. E-Trading and the associated connectivity is a very dynamic and exciting marketplace and has huge potential to generate major revenue for banks and financial institutions particularly as more structured products are now available for trading in the web arena. We look forward to working closely with the Bank during the project implementationââ.