Refinitiv Claims FX First in Egypt
Posted by Colin Lambert. Last updated: June 8, 2022
Intesa Sanpaolo’s Egyptian entity AlexBank has adopted Refintiv’s Electronic Trading (ET) solution, making the latter, Refinitiv says, the first corporate pricing engine for foreign currency trading that complies with local regulation in Egypt.
The solution distributes FX rates though a single system allowing trading desks and treasury departments to effectively manage price streams with different spreads across multiple client groups. Refinitiv says financial institutions continue to roll out digital strategies across the Middle East and African (MEA) markets, and are deploying new electronic trading solutions to effectively manage pricing, enhance competitiveness, and maintain profit margins. Being plugged in to a rapidly growing wealth opportunity, MEA financial institutions are focused on adopting electronic platforms with seamless FX operation processing, the firm adds.
“AlexBank is now the first bank to provide an executable live FX platform for corporate clients in the country,” says Amr Gamali, head of treasury and anti-money laundering (ALM), AlexBank. “The adoption of Refinitiv’s electronic trading solution allows us to distribute reliable live prices to our branch network using a cloud-based platform.”
Nadim Najjar, managing director, Middle East and Africa, London Stock Exchange Group, adds, “We are proud to be part of AlexBank’s innovation journey in Egypt. Being the first bank to adopt Refinitiv’s ET solution in Egypt, AlexBank will run an efficient and digitised FX trading platform. The implementation will connect the bank’s nationwide branch network and enable the growth of its FX business locally and internationally.”