Barclays Capital, the investment banking division of Barclays Bank PLC, has licensed MarginTrac, the industry leading collateralized foreign exchange trading system from Financial Software Systems. Barclays Capital willinstall and utilize MarginTrac in its London, Singapore and Tokyo offices.
Barclays Bank PLC is one of the largest financial institutions in the world, with assets in excess of eight hundred billion U.S. dollars. Headquartered in London, Barclays Capital provides international corporations, governments and supranational organizations with a wide range of financing and risk management solutions. Barclays Capital is a global leader in foreign exchange, fixed income, equity and commodity trading, andemploys over 8,000 people in 25 countries around the world.
MarginTrac is a complete Client Relationship Management solution for foreign exchange and precious metalstrading. Barclays Capital will use MarginTrac to manage the trading of FX spot, forward, and swap contracts, aswell as vanilla options and exotic options. The margin trading module of Spectrum provides seamless management of client collateral, calculation of clients' margin positions, and preparation of margin calls for collateralized FX trading.
MarginTrac is distinguished by a middle-tier calculation engine and middle-tier data distribution service. The MarginTrac data engine provides instantaneous calculation of clients' limits and/or margin requirements and makes possible real-time limits and margin checks for electronic foreign exchange trading. MarginTrac's datadistribution service connects the MarginTrac data engine to a wide variety of position management tools andallows MarginTrac to scale globally. Barclays Capital intends to rely on cash collateral for its clients, but MarginTrac also supports bonds, equities and physical assets as collateral.
Michael Snoek, Financial Software Systems’ Director of Sales for Europe, Africa, and the Middle Eastcommented, "Financial Software Systems is pleased to have Barclays Capital as a client. Barclays Capital was seeking an enterprise-wide collateral and credit management solution to integrate with its industry-leading ecommerce solution. MarginTrac's calculation engine will allow Barclays Capital to quickly add collateralized FX trading to its range of e-commerce products. MarginTrac's Alert Module was also an important consideration forBarclays Capital. The MarginTrac Alert Module is a publish-and-subscribe client monitoring system that willallow Barclays Capitals' risk managers to receive audio and visual warnings as soon as its clients' credit orcollateral positions are in jeopardy."
MarginTrac is built on Microsoft's .NET technology, utilizing either an MS SQL Server database or a Sybase database. MarginTrac's middle-tier engines run on Windows 2003 servers, and the MarginTrac applications runon Windows desktops. MarginTrac will connect to Barclays Capital's internal systems through message queuesusing XML messages based on industry-standard FpML schemas.