Dublin, 27th November, 2017 – Barracuda FX, the specialist provider of FX Order Management technology, today announced the launch of OMSCloud, a revolutionary new product. OMSCloud makes Barracuda’s award-winning OMS technology available on the cloud, enabling all sizes of banks to use the market-leading service.
Barracuda developed the new service in response to banks active in the FX market asking for professional OMS tools, but without having the resources or capacity to implement an OMS.
OMSCloud offers an innovative solution to hundreds of banks who have previously either not supported FX orders, or simply outsourced them via larger banks’ single dealer platforms.
Kieran Fitzpatrick, CEO of Barracuda FX said, “We are delighted to launch our OMSCloud product, which offers banks active in the FX market a quality, affordable and robust OMS technology solution. As the market leader in FX OMS we are proud to be able to offer solutions for all FX Banks, irrespective of their size or resources.”
About OMSCloud – A new approach to FX Order Management
Barracuda FX has launched a cloud-based OMS with integrated market risk management tools that will revolutionise the FX orders business for mid-size and smaller banks.
Barracuda are well known as the premium supplier of FX OMS to the world’s leading global FX Banks They have now made available many of the class-leading features in a cloud hosted OMS platform. Inherent within the platform is connectivity to Barracuda’s unique Order Hub service which enables rules-based or on-demand outsourcing of orders to other Barracuda client banks.
FX orders are a key component of a full FX service regardless of the size of the bank, its order book or its client base. All banks and orders are subject to the same service demands, compliance oversight, regulations and best practice guidelines as detailed in the recent FX Global Code. The largest Banks with thousands of orders, and significant budgets have been able to implement or build professional OMS’s. The choice for the majority of banks outside of that category has been to use archaic and high risk manual processes, or to simply pass out their order book to larger banks using Single Bank Platforms. Neither of these options are satisfactory, as they expose the bank to economic, market and reputational risk: created by manual overhead, a lack of transparency and audit, client service issues, and reduced efficiency.
Barracuda wanted to address these problems and give every bank active in FX orders, regardless of size, an elegant and effective solution. OMSCloud is delivered using a Software as a Service model. Banks can subscribe to the service and go live within days, without creating a dependency on IT or change management processes. The OMS is hosted by Barracuda in partnership with AWS. Barracuda also provides a market rate feed and an option for back office STP, using FX trade processing partners. OMSCloud is economical, and extremely easy to adopt and use. Crucially, it offers the core functionality of Barracuda OMS.
OMSCloud is superior to other solutions in many ways, including its integration to Barracuda Order Hub. Order Hub is an electronic order passing network exclusively available to Barracuda client banks. It supports existing interbank relationships in a modern, digital system. OMSCloud banks can decide which orders they wish to manage and execute themselves (configurable by time, size, currency and instrument), and use Order Hub to outsource all orders the bank has no appetite or capacity to manage. This way the bank can strike the perfect balance in the management of its order book, capitalise on its franchise expertise, service clients optimally and manage risk efficiently. All of this is done within one single container and is fully secure, automated, audited and controlled. To support Order Hub, Barracuda already has many of the world’s leading FX banks as potential liquidity providers. Every component of the OMSCloud and Order Hub solution is operational, available, proven and ready for immediate use.
About Barracuda FX
Barracuda was established in 2009 by a Dublin-based team of FX technology professionals. The team partnered with a leading global FX bank, using domain experience earned across many hundreds of man-years to deliver a next generation order management system that meets the needs of the evolving FX industry. After its successful launch, the company has continued to grow, with operations in Dublin, London and Skopje.
Barracuda FX is a specialist, singularly focused on the order management space – developing the functional capabilities, technology platform and service infrastructure to meet the needs of the demanding modern FX market.
For more information, visit www.barracudafx.com
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