DekaBank chooses icubic’s iQbonds for swap trading

DekaBank chooses icubic’s iQbonds for swap trading
15.05.2017 10:00 am

DekaBank chooses icubic’s iQbonds for swap trading

Trading Systems

DekaBank now uses the iQbonds standard software from the IT developer icubic AG for swap trading. The securities trading bank of the German savings banks (Sparkassen) has thereby expanded their implementation of icubic solutions. This decision was based on their positive experience with the IT service provider’s applications in the past as well as pending regulatory requirements. The software implementation was fully completed in only about two weeks. With the implementation of iQbonds, DekaBank already fulfils upcoming regulatory requirements and benefits from significant advantages in electronic trading:

  • MiFID II readiness
  • Partial replacement of the existing trade order management solution
  • No costs for mandatory updates

As per the 2014/65/EU guidelines concerning markets for financial instruments (MiFID II), swap trading – trading of financial derivatives which target an exchange of future cash flows – will be subject to new regulations as of 2018. However, this was not the only reason for the switch to iQbonds for swap trading explains Jens Lippoldt, Head of Sales and Business Development at icubic AG. “With this iQbonds expansion, the bank can now process swap trades on various markets almost completely electronically. This means that future MIFID II requirements are already fulfilled and the process optimisations will add value for both the bank and its clients.”

The mentioned process improvements also resulted from high performance interfaces from icubic that were implemented for swap trading after partially replacing an existing trade order management solution. Dietmar Jakal, C hairman of the Board at the IT service provider icubic, also provides a positive summary: “We were able to implement our application at DekaBank in only two weeks, thereby adhering to a challenging timetable without a problem. During installation and sometimes also for support, we utilised our particularly efficient remote access. The fact that DekaBank, one of the leading companies in the financial sector, is using iQbonds, emphasises the quality of our application.” The Chairman of the Board also stressed that DekaBank need not budget for any cost-intensive mandatory updates.

The iQbonds software is based on icubic’s standard solutions for efficient electronic trading. The application not only supports trading on classic bond markets, but can also be used with the required components and licenses as a powerful application for trading numerous other financial instruments – such as futures, ETFs, promissory notes, convertibles, repos or swaps. This offers users many advantages because the program combines different aspects – market-making, pricing and the connections to diverse information platforms, exchanges and other markets – into a complete solution. This results in a simplification of procedures, significant speed advantages as well as a lower error rate. The software also includes many useful features including auto hedging, multi-level pricing and comprehensive security mechanisms.

Related News

National Bank of Canada Joins EquiLend Ownership Group

National Bank of Canada (NBC) has completed its acquisition of a 10% stake in EquiLend from J.P. Morgan following clearance from EquiLend’s regulators in the United... Read more »

PanXchange Frac Sand Market Data Now Available on Quandl

PanXchange, an OTC exchange and price discovery platform for physical commodities, today announced that it will distribute its proprietary pricing data for hydraulic fracturing... Read more »

Beaxy Launches the First Digital Asset Exchange to Integrate Trading Technology Behind the World’s Largest Stock Markets

 Beaxy Digital LTD, a full-service cryptocurrency trading platform, officially launches today, following a thorough development... Read more »

ACA Compliance Group Announces Enhanced Trade Blotter Review Analysis Powered by ACA’s Decryptex Surveillance Technology

ACA Compliance Group (ACA), a leading provider of governance, risk, and compliance advisory services and technology solutions, today announced enhancements to ACA’s trade... Read more »

DTCC Partnerships with Catena Technologies,CSS and Finastra to Expand Global Trade Repository

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced new... Read more »

NZX Welcomes FlexTrade as an Independent Software Vendor

FlexTrade’s trading technology is now available to local and global firms looking to access the New Zealand market using its order management system, FlexOMS. This will provide... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel