Crédit Agricole to overhaul FX and derivatives trading systems

Trading platforms and systems will be replaced with technology from Orchestrade.

Crédit Agricole CIB is to replace its trading legacy systems for interest rate derivatives and FX trading through a partnership with Orchestrade Financial Systems.

Orchestrade’s capital markets technology platform for cross-asset trading will be implemented to improve the bank’s risk performance, reduce costs and ensure regulatory compliance.

All front-to-middle office processing of vanilla and structured products from two legacy platforms at Crédit Agricole will be migrated to Orchestrade’s platform.

Crédit Agricole is the first major bank to overhaul its trading systems with Orchestrade.

Thomas Spitz, global head of the trading division at Crédit Agricole, explained the new platform is modern and well designed.

“This partnership sets a new benchmark for capital markets technology projects inside the bank, enabling us to deliver even greater value to our shareholders,” he said.

Orchestrade said the new systems will allow the bank to benefit from improved efficiency, real-time risk capabilities as well as one consistent platform used by sales, trading, risk and operations.

Chief executive officer at Orchestrade, Hakim Erhili, added: “The successful collaboration with Crédit Agricole CIB confirmed that our platform delivers unmatched performance and operational efficiency, regardless of scale.”