Bank of Oklahoma licenses Egar’s Focus
Bank of Oklahoma has been offering energy hedge products since 2001. Steve Lilly, head of the financial risk management desk at the firm, says: “It’s important for Bank of Oklahoma to start off with the best system out there. We will demonstrate to our clients that, in Bank of Oklahoma, they have all the services of a large money-centre bank, such as access to the energy derivatives market, but they will also retain the personal service they are used to from us.”
The bank aims to have the system up and running by the end of February and says it may add foreign exchange and agricultural trading modules.
New York-based software firm Egar says the Focus system offers pricing, reporting and risk management-supported trading of over-the-counter and exchange-traded derivatives, swaps, foreign exchange, equities and commodities.
“Regional banks can successfully capture a greater portion of their clients’ total banking business by acquiring cutting-edge technology,” says Egar Technology’s chief executive, Ravi Jain.
Systems such as Egar’s allow small banks to compete in areas such as derivatives trading, which have been traditionally dominated by bigger competitors, he adds.
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