Risk Management software provider Broker Pilot has signed a deal with Forex Club. The innovative platform is providing a set of advanced options for limiting market exposure of brokerage companies.
In contrast to some other solutions on the market, Broker Pilot is using advanced technology to deliver a virtual “chief dealer” to companies that adopt the product. The software is automatically scanning the market in real time to flag certain patterns which can then be reviewed by a human hand.
The proactive risk-management product is optimizing the time of staff working in the dealing room. The teams get additional free time to focus on other aspects of managing risk and provides the brokerage with cost optimizations.
National Bank of Belarus
Aside from the interest on part of Forex Club, the software got the attention of the National Bank of Belarus. Broker Pilot demonstrated the capabilities of the software to the regulator.
Authorities in the country have been concerned about the risks to which brokers are exposed. The automation of risk management is one of the major areas where brokers can improve and adopt a strict framework that saves on costs and prevents them from being vulnerable during Black Swan events.
The head of the regulatory department for non-credit institutions of the National Bank of Belarus, Dmitriy Nabzdorov, said: “We are currently evaluating Broker Pilot to assess whether we can use it to oversee forex brokers more diligently.
We are focused on the software’s ability to identify cases when orders have not been executed at market prices. The application of cutting-edge technology to achieve our regulatory goals should increase the quality of oversight and regulation.”
Established Industry Risk Professionals
Broker Pilot aims to deliver to dealing room operators a new tool in their arsenal that helps them control risk for brokers. The founders are well versed in risk management after working in the industry for many years.
Commenting on the software’s capabilities, one of the co-founders of Broker Pilot, Peter Tatarnikov shared that the company used its team’s experience when developing the software.
“We understand very well the demands of brokers when it comes to risk management,” the spokesperson said. Tatarnikov himself has been the Chief Dealer of Forex Club for over three years. He later became CEO of the company before leaving the firm in 2012 to establish The Financial Commission.
Our software provides a toolset that helps manage risk on multiple levels. “Our product turns into a proactive “virtual dealer” which easily handles multiple tasks while eliminating the human factor,” shared the company’s co-founder.
Forex Club's Chief Dealer Alexey Trifonov added that Broker Pilot caught the company’s attention for its ability to work with several servers at one time. Processing and analyzing big stacks of data in real time without damaging the performance of the trading application is a crucial aspect of any software for risk management.
“Dealers, analysts, risk managers can monitor and dig deep into details of each case with the few clicks and get the desired cut of information in seconds,” Trifonov elaborated.
The company appears to be committed to further improving the software. The Chief Dealer of Forex Club shared that on the top of the tools that are already available, the broker can discuss and request modern solutions based on Artificial Intelligence.
