Brokerage Firm to Implement STP via Access International’s Global Product SuiteTM Platform
DENVER, CO., August 13th, 2002 – Access International Financial Services, Inc. announced today that PreferredTrade, Inc., a NYSE member firm, has signed a software license agreement to utilize its Global Product SuiteTM application. PreferredTrade, an independent self-clearing financial institution, plans to use the Global Product Suitetm as a strategic building block upon which to implement their straight-through processing infrastructure strategy.
Access International has agreed to provide PreferredTrade with a license to operate the Global Product SuiteTM, which is a Java-based global security master software application, on an IBM RS6000/AIX platform utilizing IBM’s WebSphere Application Server and DB/2 database technology. PreferredTrade is scheduled to begin using the Global Product SuiteTM in the early part of first quarter, 2003. According to the agreement between the two companies, Access International will provide ongoing support to PreferredTrade during an initial five-year term.
Although the Global Product SuiteTM is global in its design and functionality, PreferredTrade will initially limit their use to US and Canadian securities and use the system to support execution, clearing, settlement and accounting across the firm’s product lines which serve the retail/institutional, and professional/market maker business lines. This solution also allows PreferredTrade to improve the efficiency of its front-end trading platform.
"PreferredTrade recognizes the need for a solid systems infrastructure to improve our processing capabilities and to prepare the firm for STP," said Mark Bold, President/COO. "We decided on Access’ GPSTM Securities Master solution because it met all of the criteria key in PreferredTrade’s selection process including: scalability, flexibility, a speedy implementation schedule, and the basis for future product line expansion into other global regions."
"Access offers a unique value proposition in that our integrated security master platform is designed to provide a comprehensive, low-risk and cost-effective technology solution for global enterprises STP business needs. " said Jeff Metter, President & CEO of Access International. "We are excited to have this opportunity to help PreferredTrade build their competitive advantage by helping them lower operating costs, reduce technology risks and improve data management."
Jeff Metter adds: "A fundamental component in building an effective STP infrastructure is product reference data that is complete and that is coupled with a robust security master application which includes cross references to underlying securities and corporate action history. GPSTM delivers this necessary information where and when required."
Access International is delivering the Global Product SuiteTM to PreferredTrade in conjunction with IBM’s STP Workbench for e-businessä, which includes: Hardware: IBM/RS6000, Operating System: IBM/AIX, Database: IBM/DB2-UDB, Application Server: IBM/WebSphere.
"As a key component to IBM STP Workbench for e-business, Access International provides IBM's customers with a scalable and robust solution for their enterprise reference data needs," says Thomas Shaw, IBM Director of Financial Markets. "By leveraging IBM technology such as WebSphere and DB/2, Access is now able to deliver an open architected solution on platforms such as Linux, AIX and S/390 which help financial market customers reduce their overall cost of ownership."