HSBC has spent the past two years upgrading their internal pricing and etrading capabilities, and building a new client facing single dealer platform (the current platform is called HSBCNet).
The new platform, has been built using Adobe’s Flex for a front-end, thus requiring users to install a plug-in. Together with a generic streaming server technology, which will have been heavily augmented by HSBC in order to understand and be optimised for financial market trading.
The platform, which is yet to be released externally, might be called
I may be wrong (as the name sounds more like an internal pricing system than a leading edge client facing eFX platform), but according to HSBC 2011 annual results which are released today, states (page 53) that…
The first phase of the new platform’, which it calls ‘GetRate’, is now live – internally in five centres (London, NY and HK, Dubai and Toronto). The platform has according to the report, contributed to a 43% increase in electronic volumes, and 16% rise in FX revenues in 2011.
(Sorry I can’t find any screen shots yet)
HSBC has also invested hugely in upgrading the performance of their internal pricing engine Evolve, to ensure consistent pricing across multiple internal and client facing platforms.
“Evolve streamlined the pricing workflow, automating the way sales staff price, trade and book derivatives products,” adds Andreas Bouras, director, forex and precious metals derivatives pricing and distribution, at HSBC. The system is now used for most forex and precious metals derivatives transactions, with only the most complex, illiquid or unusually large trades requiring manual intervention.
HSBC, has a huge FX footprint (increasingly focused on Asia and emerging markets), and is currently sitting in 6th place in both the FX Week and Euromoney FX 2011 ranking tables.
Global Banking and Markets
“Emerging Markets-Led, Financing-Focused”
Greater emphasis on
We can’t wait to see the platform rolled out externally