ALEXBANK, one of the largest financial services providers in Egypt, announced today that it has adopted Refinitiv Electronic Trading Solution (ET) to expand its reach in domestic and international foreign exchange (FX) markets.
The recent adoption has made ET the first corporate pricing engine for foreign currency trading that complies with local regulations in Egypt. In the recent announcement, Refinitiv highlighted the growing adoption of digital strategies by financial institutions across the Middle East and African markets.
Commenting on the recent announcement, Amr Gamali, the Head of Treasury and Anti Money Laundering (ALM) at 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 electronic trading solution allows us to distribute reliable live prices to our branch network using a cloud-based platform.”
Earlier this year, Refinitiv introduced quantitative analytics via snowflake’s financial services data cloud to facilitate asset management companies and hedge funds.
Refinitiv Electronic Trading
Financial institutions across the world are using Refinitiv Electronic Trading to boost their FX capabilities. Refinitiv ET offers an efficient suite of e-commerce products to shape, configure and automate FX prices to customers while streamlining risk management.
Nadim Najjar, the Managing Director of the Middle East and Africa at the 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 ET solution in Egypt, ALEXBANK will run an efficient and digitized FX trading platform. The implementation will connect the bank’s nationwide branch network and enable the growth of its FX business locally and internationally.”
Recently, FXCubic, one of the prominent technology providers for the FX industry, announced the completion of the integration of Refinitiv Elektron to support its clients.
