First Derivatives division Kx has entered into a deal with Japan’s Sumitomo Mitsui Banking (SMCB) to build its next generation electronic foreign exchange (e-FX) platform.

According to the terms of the deal, Kx will deliver SMBC a platform to support electronic execution, broad distribution capabilities, algorithmic trading and risk management as well as real-time pre-and-post trade analytics.

The new solution comprises three components, namely, Kx for Flow, Algo Risk Management and FX Analytics.

According to the vendor, they are said to integrate order management and pricing methods with customised trading algorithms and liquidity distribution to several market channels.

The Japanese bank is currently live with phase one of the platform, and is said to have experienced tighter spreads as well as higher fill rates.

The kdb+ database engine is the foundation of Kx technology.

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SMBC global markets engineering joint general manager Katsuhiko Yano said: “Kx was a natural choice for Sumitomo Mitsui Banking Corporation and is well placed to provide us with a flexible, scalable and high-performance technology that easily integrates with our existing systems and provides us with a foundation for our continued growth and expansion in e-FX trading.

“Kx’s ability to deliver a highly flexible platform supported by a local Japanese presence and global reach will enable us to take advantage of many new opportunities for Sumitomo Mitsui Banking Corporation and our clients.”

Kx chief commercial officer Patrick Brazel said: “Our e-FX solutions deliver rich functionality informed by many years of FX domain expertise and powered by the world-leading performance of Kx technology. This combination is delivering important benefits for our clients and establishing Kx as a key technology provider to the e-FX market.”