New York & London, 5th December 2005 - City Networks has announced a key venture to expand Lehman Brothers’ electronic straight-through processing initiative with the acquisition of the CityNet Trader Notification system. The single business platform will enable the benefits of more effective risk and liquidity management to be passed on to Lehman Brothers’ customers.
Lehman Brothers was looking for a secure mechanism which would increase their trading accuracy, reduce the number of errors caused by manual intervention and improve the timeliness of the overall trade cycle.
Following a full review of the market, Lehman Brothers were able to identify CityNet Trader Notification as the most efficient electronic trade notification system capable of dealing simultaneously with multiple global brokers across diverse message types. The distinction of the system resides in its provision of single-point access while meeting stringent requirements for complete electronic STP. The first use of the system will be on their Proprietary Trading Desk.
Launched in 2004, the solution enables trade details to be passed from brokers directly to the front office trading desk of their customers. Traders can then affirm trades on-line and capture deal information electronically at the point of inception. The trade cycle automation extends the STP chain and improves data integrity.
Janet Yagle, City Networks' Managing Director, Americas, states: "The CityNet Trader Notification system enhances our customers' operational risk management by providing electronic STP for Voice Broker trades. The improvement in operational efficiency that the system delivers will also enable Lehman Brothers to experience a rapid return on investment. We look forward to working with Lehman Brothers as their business continues to develop."