ALEXBANK adopts Refinitiv Electronic Trading

The Refinitiv Electronic Trading solution distributes FX rates though a single system allowing trading desks and treasury departments to effectively manage price streams tailor made for different client groups. The adoption makes ET the first corporate pricing engine for foreign currency trading in line with local regulation in Egypt.

Bank are rolling out digital strategies across the Middle East and African (MEA) markets. With the increasing real time exposures, MEA banks are deploying new electronic trading solutions to effectively manage pricing, enhance competitiveness, and heighten the service level and the customer experience. Being plugged in to rapidly growing MEA wealth opportunity, financial institutions are looking for an effective tool to increase their competitiveness.

Amr Gamali, Head of Treasury and ALM Division, ALEXBANK, said: “We are proud to bring the first electronic trading solution to Egypt. The adoption of Refinitiv’s electronic trading allows us to distribute reliable and live prices to our corporate clients using an electronic platform with straight-through and efficient operation processing. We are glad of our cooperation with Refinitiv, which allow us to be the first bank to provide an executable live FX platform for corporate clients in Egypt.”

Nadim Najjar, Managing Director, Middle East and Africa, London Stock Exchange Group, said: “As the first bank in Egypt to adopt Refinitiv’s ET system, ALEXBANK will have access to an efficient and digitized FX trading platform to ensure its nationwide branch network is more connected, enabling the on-going growth of its FX business.”

Through ET 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, ET offers a powerful suite of e-commerce products to shape, configure and automate FX prices to customers while streamlining risk management.