NEW YORK & LONDON, June 14, 2006 - youDevise Limited announced today that the industry utility it built for the simultaneous transmission of time-sensitive trade ideas from sell-side brokers and their institutional, hedge fund and proprietary trading desk clients was named "Innovation of the Year" in The Banker magazine's annual Technology Awards for 2006.
youDevise built the Repository and Distribution Centre (RDC) technology for a consortium consisting of Citigroup, Credit Suisse, Dresdner Kleinwort Wasserstein and Merrill Lynch. Separately, youDevise developed the Trade Idea Monitor (the TIM), an on-demand, web accessible front-end application to the RDC.
"We're honored with the recognition that this prestigious award from The Banker magazine confers on our technology," said Colin Berthoud, Director of youDevise.
The Banker Technology Awards 2006 recognize innovation and excellence of technical applications and services for the front, middle and back-office functions in financial services companies and strategies used by these companies to effectively use technology. The Banker, which is a UK-based business publication of the Financial Times, received close to 300 entries for the 2006 awards. The awards were made on the basis of objective and results-oriented criteria by a panel of leading, highly respected industry commentators.
The TIM also makes it easy for brokers to author detailed ideas and provides idea recipients with powerful tools for tracking the performance of ideas and the brokers who authored them, to aid in fast decision-making and in the allocation of brokerage commissions. Prior to the TIM, sellside ideas were communicated via telephone, email or by keying them into multiple client systems, and money managers tracked them on paper, spreadsheets or custom systems.