ALEXBANK announces first corporate pricing engine for foreign currency trading in Egypt

June 06, 2022 - ALEXBANK, a bank of Intesa Sanpaolo Group in Egypt, announced that it has adopted an Electronic Trading solution by Refinitiv, a London Stock Exchange Group business, to support its business in Egypt across local and international Foreign Exchange (FX) markets.

This adoption makes this Electronic Trading solution the first corporate pricing engine for foreign currency trading that complies with local regulation in Egypt.

The trading solution is provided by Refinitiv and 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.

As financial institutions roll out digital strategies across the Middle East and African markets, banks in the region are starting to deploy electronic trading solutions to manage pricing, enhance competitiveness.

The implementation will connect ALEXBANK’s branch network and enable growth of their FX business locally and internationally.

The Head of Treasury and Anti Money Laundering ALEXBANK, Amr Gamali, said “We are proud to bring the first electronic trading solution to Egypt. ALEXBANK is now the first bank to provide an executable live FX platform for corporate clients in the country. 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, said, “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.”