FNXâs First Order is a web-based order management system for Internet-based trading. Designed for both institutional market making and retail trading environments, First Order offers a comprehensive web-based trading capability that includes on-line position management and order status reporting. Built on BEA Systemsâ Weblogic server, and using the latest J2EE technologies, First Order offers full price publishing, order management, position management, real-time limit checking, and audit trail functionality for FX Spot, Forwards, Swaps, Fixed Income, and Money Market trades. The language configurable First Order consolidates phone and Internet orders, supports margin trading with a variety of collateral sources, offers real-time market information, and facilitates multiple order routing mechanisms.
In this first phase of the rollout, First Order will be used by TaipeiBank traders across the institutional branch network to enter and monitor FX cash trades. These trades will flow directly from First Order to TaipeiBankâs headquarters, where they will automatically be received and processed by the middle and back office modules of FNXâs Sierra System. Access to the full suite of First Order functionality will eventually be made available to TaipeiBankâs retail customers in the months ahead.
Farid Naib, FNXâs founder and CEO, commented: "TaipeiBank is utilizing First Order and Sierra in exactly the manner that our system architects and product developers had envisioned. Trades from First Order are received over the Internet and are delivered seamlessly and effortlessly into our Sierra System for processing, accounting, and recording in the bankâs general ledger. Although the flow of information is fully automated, the process is entirely transparent to the traders, risk managers, and accountants at TaipeiBank, providing an exceptional degree of visibility and insight into factors such as trade volumes, currency exposure, limit monitoring, etc. I look forward to working with TaipeiBank over the months ahead as we expand First Orderâs utilization and benefits even further."