GFI, the US-based interdealer broker, has completed the rollout of its FX options trading interface via GFI Fenics Trader. The service offers a single point of access to multibank liquidity for foreign exchange options.

It provides independent FX options price discovery, via a many-to-many venue for bilateral trading and execution. The broker’s Fenics suite also provides FX derivatives software for pricing, analysis, and structuring. Fenics Trader allows clients to calculate indicative prices based on banks’ proprietary volatility surfaces.

Using requests for quotes, clients receive a tradable price from their preferred liquidity bank. Once a price is agreed, electronic execution is completed on a bilateral basis. At present Fenics Trader supports European vanilla and simple two-legged structures. Trades can be priced in volatility or premium terms. Fenics Trader is available to clients via GFI’s Fenics Professional platform.

The platform is supported by nine banks, with others to go live in the coming months. Live dealer banks include BNP Paribas, Commonwealth Bank of Australia, Credit Suisse, UBS and UniCredit Germany.

Richard Brunt, global head of GFI Fenics, said in a statement: “This is a very important step forward for GFI Fenics and for the FX options dealing community. Fenics Trader is the first many-tomany FX options execution platform, and the initial volumes have been hugely encouraging, showing that this initiative is well supported by the market and valued by GFI Fenics’ client base, and is particularly relevant in light of the regulatory environment.

“Fenics Trader was a logical enhancement to the Fenics Professional workflow solution. It removes the need for duplicate trade entry and manual price discovery via the telephone or electronic messaging. As more liquidity providers join the community, our clients will have a wider choice of trading partners, accessible from a single, industry standard application.”