Tullett Plc, the Interdealer Broker, has purchased the Market Settlement Automatic Netting module from Misys Securities Trading Systems (Misys). It is also upgrading its current Market Settlement System to the latest version on Oracle 9i.

The Automatic Netting function has recently been developed by Misys. It is designed to automatically allocate trades dealt with central counterparties to batches as they enter Market Settlement, removing the need to do this manually and allowing users to enquire on these batches and adjust the contents before confirming the nettings either individually or in bulk.

The key elements of this functionality are the ability to specify as standing data the criteria trades need in order to be batched together. The automatic process then assigns trades that meet the criteria to batches as they enter Market Settlement. Another element is the enquiry form that enables the batches and their contents to be viewed and amended during the day.

Tullett plc’s upgrade to Market Settlement on Oracle 9i will mean that they will benefit from performance improvements to the database, 24 x 7 operations, Real Application Clusters and guaranteed protection against data loss with the Data Guard product. Oracle 9i also allows the product to be accessed over an Internet Browser.

Frank Walter, CEO of Misys Securities Trading Systems, observed, ‘The sale of these Market Settlement solutions to a valued client has endorsed our continued development of components that enhance the efficiency of organizations without the need for costly replacement of entire systems. We look forward to continuing our successful relationship with Tulletts”

The system will have over 60 users and is expected to go live during the summer.

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