Exploding FX transaction volumes drive market for Wallstreet FX; functionally rich Wallstreet BackOffice lowers TCO for global banks and prime brokers
Wall Street Systems, the leading provider of global treasury and capital markets solutions and services, has outlined its go-forward product strategy following the recent acquisition of treasury and cash management specialist Trema.
Unveiling its plans at SIBOS 2006, in Sydney, Australia, the company has re-branded at both a corporate and a product division level. The company has refined its product strategy to reflect its focus on the combined entities’ core strengths of FX, treasury, and global back office processing.
“As a significant player in FX, treasury and back office processing, we have a strong track record for delivering technology solutions that create significant measurable results for our customers, while reducing total cost of ownership and increasing operational efficiency,” said Larry Ng, managing director for marketing and product at Wall Street Systems. “With the strong financial backing of Warburg Pincus, we are well positioned to win a substantial amount of business in the markets we serve. Our company is growing and profitable and we are aggressively building a focused business with the technology investment and the management commitment to become the undisputed leader in our chosen markets.”
Under the new brand, Wallstreet FX is the new name for the company’s sell-side trade processing solution for foreign exchange, money markets and short term derivatives. Wallstreet Treasury incorporates the TremaSuiteTM and TremaOneTM solutions for corporate, financial institution and central bank treasury and cash management. Wallstreet BackOffice encompasses Wall Street Systems’ high performance, cross-asset back office processing solution.
Wallstreet FX is an integrated, robust platform that manages the complete trade lifecycle on a global level specifically for the foreign exchange and money markets. It addresses the demand from trading floors for a high volume trade processing solution that can exploit arbitrage opportunities and support the current volume growth in FX and FX derivative markets.
“We see significant opportunities for Wallstreet FX as globalisation continues to drive the need for multiple currency capability and the increasing automation of the FX market continues downward pressure on margins,” said Ng. “With Wallstreet FX already deployed by 5,300 users in 31 countries processing more than 200,000 transactions valued at $1.6 trillion per day, we are in a strong position to help our customers grow their businesses by supporting higher volumes, while containing costs.”
Wallstreet BackOffice provides similar functionality to Wallstreet FX with the difference that it can be implemented across different asset classes, including complex credit derivatives, interest rate default swaps and asset backed securities.
For these instruments, the platform addresses the five main fundamental challenges that the traditional back office faces. These range from the increasing complexity of the business, to soaring volumes driven by algorithmic trading, banks offering prime brokerage services, the growing prominence of ECNs and bank portals as well as the insourcing and outsourcing of services by clients.
“Although financial institutions typically deploy market-specific solutions in the front office, organisations are looking to consolidate their global back office systems,” said Ng. “Recent conversations with the industry have shown that they want to centralise and optimise their global operations while monitoring their activities across all asset classes. The current climate demands that they drive down transaction costs to improve margins. The CIO needs to meet and exceed internal service level agreements, while sales teams need to provide transparency and better service to their client base.”
Wallstreet BackOffice helps operations teams seamlessly integrate internal systems and processes. They can manage workflow, escalate cases dynamically and intercept suspicious activity with the help of centralised monitoring and surveillance tools. Built-in models and metrics make it more efficient from a performance point of view.
For more information on Wallstreet FX and Wallstreet BackOffice, please visit Wall Street Systems executives at booth number E15. Michèle Fitzpatrick, Managing Director - Sales & Account Management at Wall Street Systems, will be participating in the panel discussing ‘Corporates on SWIFT - the opportunity starts here’ on Wednesday 11 October at 11:00 AM.
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