June 06, 2022
ALEXBANK adopts Refinitiv electronic trading to power FX business
- The first corporate pricing engine for foreign currency trading in Egypt
EGYPT – ALEXBANK, a bank of Intesa Sanpaolo Group, announced today it has adopted an Electronic Trading solution (ET) by Refinitiv, a London Stock Exchange Group business, to power its business in Egypt and strengthen its presence in both the local and international Foreign Exchange (FX) markets.
The adoption makes ET the first corporate pricing engine for foreign currency trading that complies with local regulation in Egypt. The Refinitiv Electronic Trading solution distributes FX rates though a single system allowing trading desks and treasury departments to effectively manage price streams with different spreads across multiple client groups.
Financial institutions continue to roll out digital strategies across the Middle East and African (MEA) markets. With the increasing challenges of real time FX exposure, MEA banks are deploying new electronic trading solutions to effectively manage pricing, enhance competitiveness, and maintain profit margins. Being plugged in to a rapidly growing wealth opportunity, MEA financial institutions are focused on adopting electronic platforms with seamless FX operation processing.
Amr Gamali, Head of Treasury and Anti Money Laundering (ALM), ALEXBANK, said: “We are proud to bring the first electronic trading solution to Egypt. ALEXBANK is now the first bank to provide an executable live FX platform for corporate clients in the country. The adoption of Refinitiv’s electronic trading solution allows us to distribute reliable live prices to our branch network using a cloud-based platform.”
Nadim Najjar, Managing Director, Middle East and Africa, London Stock Exchange Group, said: “We are proud to be part of ALEXBANK’s innovation journey in Egypt. Being the first bank to adopt Refinitiv’s ET solution in Egypt, ALEXBANK will run an efficient and digitised FX trading platform. The implementation will connect the bank’s nationwide branch network and enable the growth of its FX business locally and internationally.”
Through Refinitiv Electronic Trading, hundreds of financial institutions across 80 countries globally are already benefiting from a next-generation e-commerce trading platform. Accessible via FXT, the single source of access to preferred FX trading venues, Refinitiv Electronic Trading offers a powerful suite of e-commerce products to shape, configure and automate FX prices to customers while streamlining risk management.
About Refinitiv, an LSEG business
Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. With over 40,000 customers and 400,000 end users across 190 countries, Refinitiv is powering participants across the global financial marketplace. We provide information, insights, and technology that enable customers to execute critical investing, trading and risk decisions with confidence. By combining a unique open platform with best-in-class data and expertise, we connect people to choice and opportunity – driving performance, innovation and growth for our customers and partners. www.lseg.com
London Stock Exchange Group