The evolution of the financial markets has led to more sophisticated and complex transactions that demand extensive cross-product analysis. Specifically, foreign exchange and commodity traders are using IRD products to hedge various risk exposures and are demanding additional IRD functionality. Sierra System’s new blotter will provide significantly enhanced IRD functionality, including the ability to see position, risk and P&L for current rates, as well as full simulation capabilities for the above tasks by varying rates, volatility and time horizons. The Java-based blotter will capitalize on Sierra System’s extensive STP processing capabilities, real-time publish-subscribe technology, and will include a Java Messaging Service (JMS) layer for enhanced performance and scalability.
"Sierra System’s middle and back office IRD coverage is extremely strong," explained Jim Dennelly, FNX’s Senior Managing Director of Product Development. "What we have done with First Derivatives is create a more powerful, technologically advanced blotter that takes full advantage of our diverse cross-product coverage. By integrating derivatives hedging and funding instruments with powerful real-time functionality and simulation capabilities, we have created a valuable tool for both buy side and sell side institutions."
Dennelly continues: “FNX has always had a strong international client base, and we continue to have ongoing success with global installations. An important factor in our decision to develop a Java-based blotter was the ability to map multiple languages to Sierra System’s GUI front end. The ability to customize and adapt user interfaces for both global and regional needs is, and will continue to be an increasingly important issue.”
Matt Garter, FNX’s IRD Development Project Leader comments: "The combination of our new IRD blotter with Sierra System’s existing product blotter structure will give clients access to the most extensive array of cross-product functionality available on the market. The ability to book all trades in one system with separate blotter capabilities that enable individual, customizable analysis for different books and portfolios is something that we believe to be extremely important in today’s financial environment."
"The FNX team worked very closely with our dedicated team of skilled consultants throughout the entire lifecycle of this IRD project. We believe that the strategic partnership between First Derivatives and FNX will continue to result in long-term benefits for both organizations and clients," said Brian Conlon, Managing Director of First Derivatives.