Under this agreement, FNX and NextSet will enhance FNX’s Sierra Quantum order management system to support a wide variety of financial products in a fully Java-based, Web-enabled, order management system capable of supporting both eTrading and traditional voice orders in a single site or a global configuration. The jointly developed order management platform will seamlessly integrate with FNX’s Sierra System to provide leading edge, transaction based Straight-Through-Processing (STP) on a global, front to back, and cross product basis. The product will take full advantage of NextSet’s TradeSpaceTM high-end transaction automation platform technology for connecting trading and business processes across the Internet.
The collaboration between FNX and NextSet enables the companies’ finance industry clients around the globe to offer a leading edge, multi-instrument eTrading environment to their customers, enriching the bank/customer relationship and extending reach throughout the financial value chain. The new product will feature N-to-N architecture, allowing multiple customers on both sides of a transaction to interact with each other, making it suitable for the growing body of consortium or multi-participant trading exchanges.
FNX’s extensive experience in cross product, global installations will be brought to bear in the design of the new product, as will NextSet’s experience in providing high-performance eExchange infrastructure. This partnership between FNX as an application provider and NextSet as an Internet infrastructure specialist enables the team to provide its clients with a true best of breed solution encompassing both rich functionality and leading edge, standards-based technology.
Designed for global implementation across multi-site, multi-entity treasury operations, FNX’s Sierra products provide complete end-to-end solutions offering full pricing, deal capture, comprehensive order and risk management capabilities, as well as trade processing, settlement and accounting functionality. NextSet Software markets its Business Exchange Automation TM technology to automate high-volume and complex trading activities over the Internet and proprietary networks.
Farid Naib, Founder and CEO of FNX Limited, said of the alliance, "NextSet’s advanced TradeSpace platform technologies provide automated, secure, global trading networks that are second to none. We are very excited to work with NextSet to create the next generation of Internet empowered eTrading solutions. The decision to partner with NextSet is evidence of FNX’s commitment to the ongoing expansion of our STP capabilities, extending the concept of STP to the retail side including Internet trading."
"This partnership is a true meeting of deep experience in financial trading systems with the most exciting, robust and extensible trading automation technology available on the market today, and for years to come," said Simon Yencken, CEO of NextSet. "We regard this arrangement as a long-term commitment to customers in the capital markets community to provide systems which will preserve their technology investment, while adapting to new and ever-evolving market formation requirements which develop rapidly in today’s world of high finance."
The multi-year agreement, detailed terms of which were not disclosed, is expected to provide significant revenues for both companies beginning in 2001 from existing and pending clients.