Liechtenstein-based private bank LGT and software provider FinIQ have worked together to automate and streamline its structured products and derivatives business in Asia. FinIQ and its EQ Connect platform offers connectivity to top market makers in the equity-linked space for products. LGT has subscribed to EQ Connect since 2018. Furthermore, the collaboration is set to further automate pre-trade suitability and order process, trade booking as well as post-trade information flow. LGT aims to achieve seamless integration with the FinIQ EQ Connect platform and its core banking system from Avaloq. In addition, FinIQ's FXD platform offers connectivity to market makers in the FX-linked space for cash FX, options, strategies and also structured products.
Mashreq Bank, one of the leading financial institutions in the UAE, has signed a strategic agreement with FinIQ, to streamline its Wealth Management offering with an easy-to-use, single unified solution.
The FinIQ System has been implemented as Mashreq's wealth management core system for investment products, replacing multiple legacy applications and providing customers with a simpler service to operate. Equities, funds, bonds, bills, CDs, notes were previously managed by a number of home-grown and vendor-supplied systems.
Used throughout the banking ecosystem, FinIQ's front, middle and back-office functionality offers order management workflow, compliance and suitability checks, and performs settlements and accounting entries. Additionally, the system generates all pre-and-post-trade documents, notifications and facilitates Lombard financing with automated LTV and margin calculations. Custodian links are automated for settlement of bonds, mutual funds and cash equities along with respective corporate actions.
Hedge funds, private banks and other clients are increasingly seeking to trade FX options on platforms, driven by regulators' requirements for investors to prove best execution and the growing depth and range of offerings available. From a client perspective, aggregator and multi-dealer platforms are an attractive proposition, offering convenience, transparency and the potential for lower costs; they make the processing of price requests significantly more straightforward.
In the past, many buy side clients relied on a handful of liquidity providers. The need to prove best execution has transformed how these users access FX option products. In order to comply with regulations, some users initially requested quotes electronically and simply captured a screenshot of the quotes in order to prove best execution. However, this process is cumbersome and fails to realise the full benefits of moving to electronic trading.
FinIQ EQ Connect has been recognised by SRP as the best issuance platform, further cementing its position as the #1 platform. EQ Connect has led the structured products market for more than 8 years now by setting up industry standards in creation, purchase and servicing of structured products.
The broader FinIQ connect suite is doing the same in the world of FI, FX, FX Derivatives, Mutual Funds and equities.
Four of the world's top 10 banks built their pricing and order management flow using the FinIQ API. Equipped with live quotes, various type of solvers, set of validations followed by best execution via 15+ market makers, real time status updates, fixing schedules, termsheet exchange, documentation, asset creation, audit trails and much more, the APIs have empowered the proprietary apps allowing both bankers and clients of these banks to trade financial products.
Well documented and super-standard API suite has been the focus area for FinIQ for past few years and will be the central theme for 2024.
In each of these four use cases, FinIQ has achieved 100% API centric automation. All four banks happen to be very impressive global brands, including the largest bank in the world, the largest bank in UK/Asia, the largest bank in Germany/Europe and number 2 Wall Street bank.
These banks wanted to retain their own sales journey via in-house UI platforms and FinIQ complemented well with this strategy, giving them a tried and tested core software powering their custom-built user experience platform.