NEW YORK, NY, February 6, 2002- Today EGAR Technology, a leading provider of trading and risk management systems and custom applications, announced the sale of its FOCUS system to two companies: Fimat USA, Inc., a global derivatives broker, and Millennium Environmental Group, a subsidiary of Unisource Energy. FOCUS, which is already live at both companies, will be used for trading and risk management of energy and commodity derivatives.
Fimat USA, Inc. a member of the Fimat Group, one of the world’s largest broker/dealers, and a wholly owned and independently managed subsidiary of Societe Generale, will use the FOCUS system for its energy derivatives desk. Jean-Pierre Valeri, Fimat USA's SVP, Director of Credit & Market Risk Management said, "In our opinion, FOCUS not only offered the most cost effective solution but also provided the desired flexibility to handle a wide range of structured over-the-counter energy derivative products, such as average strip options on energy indices or baskets of indices." He added, "FOCUS was also the only modular system that we encountered, that could be grown to cover new products and other desks as future needs arise."
Curt Kaminer, Portfolio Manager at Millennium Environmental Group, said, "We are using FOCUS to capture our trading, as well as marketing transactions, for coal and emissions derivatives. EGAR Technology had impressed me in the past, and EGAR became our top choice when we saw the value and high functionality that the FOCUS system provided."
Ravi Jain, CEO and co-founder of EGAR Technology, said, "The sales to Fimat and Unisource show the capability of FOCUS to provide a variety of system solutions. Fimat is a broking house and Millennium Environmental Group, the trading arm of a utility. Both companies have different needs, but FOCUS can serve both equally. In fact, these companies further evidence that FOCUS is applicable for both buy-side and sell-side institutions, including banks, hedge funds, broker-dealers, and corporate treasuries."
FOCUS is a fully integrated position keeping system offering pricing, reporting, and risk management supporting trading of over-the-counter and exchange-traded derivatives, swaps, FX, equities, metals, bonds, repos, and commodities.