partnership with global financial exchange Currenex
DUBLIN (March 27, 2001): IFS (www.ifs.ie), the leading developer of
collateralised trading and Internet solutions for international financial
institutions, today announced that it has been chosen as a technology
partner by Currenex, Inc., the world's first operational online global
Under the terms of the agreement, an Application Program Interface between
Currenex's Internet service, FXtrades, and IFS' MarginMan-GATE application
will be built, allowing financial institutions to conduct automated
collateralised Foreign Exchange (FX) trading on the Currenex exchange.
"IFS has a long track record of delivering world-class applications and
business solutions to the financial sector," said Lori Mirek, President and
Chief Executive Officer of Currenex. "As the world's leading global
currency exchange, Currenex is committed to meeting member demand and work
with leading-edge technology partners such as IFS."
Currenex provides the first operational online currency exchange open to
institutional buyers and sellers worldwide. Its Internet service, FXtrades,
is a real-time foreign exchange marketplace that delivers certainty,
efficiency and reliability in foreign exchange trading and processing to its
members worldwide. Currenex members include MasterCard International, Royal
Dutch/Shell Group and Intel Corporation as well as 35 global, market-making
"Currenex is spearheading the revolution in the FX market and, as IFS is one
of the leading technology innovators in this sector, it makes perfect sense
that we work closely with each other to help develop the market," said Ken
Coldrick, Managing Director, IFS. "This link-up will further expand
Currenex's product range and turnover and also allow IFS customers access a
very large liquidity pool," he added.
Following its recent $21 million acquisition of UK Internet trading
developer, Dene International, IFS has become one of the leading eTrading
solutions providers to international financial institutions through its GATE
application, an automated Internet-based trading solution for banks.
IFS' flagship applications, MarginMan and GATE, have recently been
integrated to allow banks offer FX trading services to a very broad customer
base across the Internet, while continuing to manage the risk between the
bank and the customer. Use of this new application will also enable banks to
swap market risk with each other and to access additional participating
liquidity sources, such as Currenex.