Progress Software and Caplin Systems have agreed to partner to provide complete e-commerce solution for FX spot and derivatives to Denmark’s Jyske Bank.
Replacing Jyske’s existing white label e-commerce solution, the new offering extends its current deployment of the Progress Apama Capital Markets Platform for FX liquidity aggregation and smart order routing.
Initially supporting about 200 institutional traders, the solution is expected to go live in the second half of 2013, and will be rolled out to the bank’s retail clients.
The bank has selected Caplin Trader, an HTML5 front end that runs on the Caplin Platform, to seamlessly integrate with Progress Software’s Apama Capital Markets Platform.
It will provide a real-time view of aggregated FX markets and perform smart order routing, pricing of spot and derivatives, auto-hedging and more.
Jyske Bank’s FX, Interest rates & Commodities Department head Lene Papsoe explained, "Our new platform will mark us out as a market leader in the rapidly growing online trading market."
The bank employs a staff of about 3,809 and operates 109 Danish branches, offering a full range of financial solutions to retail as well as small and medium-sized corporate clients.