Fortis Commodity Brokerage is a division of Fortis Bank SA/NV, London Branch and is part of the Global Commodities Group Business Unit of the Bank. They are one of the major commodities brokers in the City and actively trade Cocoa, Sugar and Coffee on both LIFFE & NYBOT.
Fortis Commodity Brokerage ('FCB') has acquired UF&O to support their operations. Ubitrade Futures and Options is a complete STP solution, from order routing to trade booking, for listed derivatives on all major world financial markets.
FCB serves international clients, many with offices located across the globe, and a key element in the decision was the fact that UF&O offers the possibility to launch processes that fit with clients' time zones (as opposed to batch processes), as well as the possibility to calculate intra-day margin simulations.
FCB has also purchased Internet access for end-users, enabling its clients and brokers to access their positions, statements and trades in real time and to access end-of-day statements.
Mr. Ian Downes, Director, Fortis Commodity Brokerage commented: "We were impressed with Ubitrade's technology, which is perfectly adapted to that used by the Exchanges today, the company's stability and their product management: Ubitrade provides us with a reliable infrastructure enabling us to respond more efficiently to our clients' requirements, as well as providing us with a tool to win new clients."
Didier Bouillard, Chief Executive Officer, Ubitrade, commented: "This deal confirms Ubitrade's position as the alternative specialist provider. There are more than 60 exchange-traded derivatives markets world-wide, each with its own technology requirements, regulations, and contract specifications. Trading on these markets requires software products that are both comprehensive and flexible. We are delighted to be creating value for our clients by offering them a modern, STP and Internet based solution.
We are hopeful that this deal will encourage other global players to review their current arrangements and demand a product that fully meets their needs."