SuperDerivatives (SD), the derivatives benchmark, has announced that India’s leading interbank FX broker Mecklai & Mecklai is deploying its FX solution to gain better competitive advantage in the options market and to improve client service with accurate pricing.
Mecklai and Mecklai went live with SD’s FX solution, SD-FX, in its brokerage operations to quote dollar-rupee volatilities on 1 April 2009. By making use of real-time, market-accurate prices, risk management tools and analytics from SD, Mecklai and Mecklai will be able to improve service to existing clients by calculating strikes and premiums more accurately.
Mecklai and Mecklai is a leading interbank FX broker for spot, forwards and vols for the Indian rupee. By using SD’s benchmark system for derivatives pricing, the firm joins the majority of banks in the world that trade FX derivatives, as well as numerous corporations, hedge funds, brokers, auditors and central banks. Other SD bank customers include Citigroup, Morgan Stanley, Credit Suisse, Standard Chartered, Lloyds TSB, Santander, ICBC and IndusInd Bank.
SD’s wide coverage spans all FX derivatives, from vanilla to the most advanced structures, across the full spectrum of currency pairs, from major currency types to emerging markets. The unique solution’s multi-asset coverage enhances the productivity of an organisation’s entire derivatives business and inspires user confidence by generating transparency.
Zia Sud, partner, Mecklai and Mecklai, said: “As India’s leading interbank FX broker, we were looking for a cutting edge solution in options pricing to ensure that we can offer the high level of service our clients expect.”
“In order to quote dollar-rupee volatilities accurately, we needed a pricing solution to calculate the strikes and premiums at a market-accurate rate. SD stood out for its ability to deliver real market implied volatilities for an extremely wide range of strikes and deltas, and for its wide asset coverage which sets it apart from competitors in the FX market.”
Mark Wightman, vp sales Asia, SD, said: “India’s FX market has become increasingly sophisticated. SD’s combination of vanilla and advanced FX derivatives price discovery, award-winning market data, sophisticated analytics and an intuitive user-friendly interface will give Mecklai and Mecklai the power to execute deals in the onshore options market more effectively, while keeping integration costs and time-to-market to a minimum.
“This announcement, along with news of the recent deployment of SD’s services by IndusInd Bank and ICBC (Asia), cements SD’s position as the leading provider of multi-asset front-office, risk management and revaluation solutions for derivatives in the Asia Pacific region. Our attention to detail of specific conventions in emerging markets makes our FX solution the most accurate pricing tool in the market.”
