Brown Brothers Harriman & Co. (“BBH”), headquartered in New York City, has licensed the Spectrum Treasury System from Financial Software Systems. BBH will leverage Spectrum to enhance its front-to-back office Foreign Exchange (FX) dealings in Spot, Forward, Non-Deliverable Forward, Swap, and Option contracts. The Spectrum PARQ (Pricing, Aggregation, Routing & Queuing) module will provide automation for dealing with BBH’s global clients’ FX needs. The implementation will incorporate the Spectrum FX Dealing Portal, which will create a seamless straight-through-processing channel for BBH clients’ FX trading.
BBH is a leader in the institutional FX market place.1 With Spectrum as the new FX system of record, BBH will have its FX trade and client-related data in a single integrated data source. With the Spectrum FX Dealing Portal, BBH clients will have upgraded web capabilities allowing more automation to be realized through the pricing to back-office settlements and accounting. All transactions executed through the Spectrum FX Dealing Portal are executed in a completely secure environment with multiple levels of authorization. Transactions flow directly into Spectrum, where front-office and middle-office modules perform real-time Limits and Risk Management calculations, and back-office modules prepare Confirmations, Payments and General Ledger accounting entries. BBH will achieve significant operational efficiencies and cost savings in the execution of its FX trading activities by implementing Spectrum’s Treasury, PARQ and FX Dealing Portal modules simultaneously.
Jeff Scott, Managing Director and Global Head of FX Relationship Management and Sales at BBH commented, "We are very pleased to have licensed Spectrum. We have found Financial Software Systems to be a company we can partner and work with to provide the highest level of service our clients demand. After extensive due diligence, covering a wide range of vendor systems, we concluded that FSS had the right combination of staff expertise, system capability and the ability to deliver custom functionality required for our FX business. We look forward to a long and productive partnership with Financial Software Systems."
James McKeon, North American Sales, for Financial Software Systems, noted, "We are excited to partner with a premier institution such as BBH. In today’s challenging trading environment, Spectrum provides the return on investment required for banks to justify technology projects. Brown Brothers' selection of FSS and Spectrum further validates our leading position in the FX technology market.”
A global leader with close to 200 years of experience, BBH helps many of the world's most sophisticated mutual funds, investment managers, banks and insurance companies achieve their international business objectives. BBH’s Investor Services business provides cross border, institutional, administration, and execution services for many of the world’s leading asset managers and financial institutions in close to 100 markets. With approximately $2.3 trillion2 in assets under custody, BBH is consistently ranked among the world's top global custodians, asset administrators, foreign exchange, and securities lending providers1.
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