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JPJ goes live with stockbroking and settlement solution

3i Infotech’s Flagship service establishes JPJ as first online execution-only Isle of Man stockbroker.

3i Infotech, a global provider of IT solutions, today announces that its Flagship solution has been selected for use by JPJ In the short period since its implementation, the functionality of the solution’s robust stockbroker settlement system has given JPJ the ability to sustain impressive growth.

The deal comes at a time when stockbrokers are increasingly looking to gain an edge on competitors by utilising client stockbroking systems to both reduce risk and achieve low cost settlement.

After employing Flagship, JPJ has become the first online execution-only stockbroking service in the Isle of Man, a particularly innovative service in relation to its market. During the process, 3i Infotech played a pivotal role in explaining to regulators how the solution worked and guiding JPJ through the process. As a result, the service was implemented rapidly, reducing JPJ’s time to market.

“We’ve noticed that, more than ever before, clients are demanding cutting edge stockbroking systems capable of giving them a competitive advantage by reducing risk and increasing cost efficiency,” said Bob Whigham, Director Broking Systems, 3i Infotech, Western Europe. “There’s a lot of innovation going on in the stockbroking industry today, and our project with JPJ is a good example of this. The diligent project management by JPJ and the thorough efforts of all concerned in the Isle of Man created an environment for Flagship to surpass the immediate goals and lay the groundwork for future online business streams.”

Brian Gould, CEO, JPJ added, “When we first set up here in the Isle of Man, we aimed to become the lowest-cost online execution-only stockbroker in the British Isles. By working with 3i Infotech, we’re particularly pleased to have accomplished this so quickly. The Flagship solution is great for reconciling the books, and it has delivered exactly what we wanted to achieve.”

As part of the solution, Flagship provides a fully integrated stockbroking settlement system offering comprehensive banking, custody, settlement and management reporting services required by the back office staff.