industry today announces that the French electronic broker, ProCapital, has
chosen Ubix, the derivatives clearing and settlement solution, to manage their derivatives activity.
ProCapital is an electronic broker dedicated to an institutional equities and derivative brokerage activity. They are a subsidiary of the CGU Group, the result of the merger between the Commercial Group and Norwich Union.
In addition to Ubix, ProCapital has also bought the member version of the market module Euronext, including a real-time interface to C21 (or Clearing 21, Euronext's clearing system).
Furthermore, they have subscribed to UDS/CD (Ubitrade Data Services / Contract Data), which automatically creates any new contract in Ubix referential on a daily basis. UDS/CD encompasses all contract-related information including the maturity rules.
Mr. Eric May, Managing Director of ProCapital, commented: "Using Ubix will lower the processing cost per deal in comparison with the outsourced system we have used in the past. Other key element in making our decision was the reliability and soundness of Ubix, as well as the high quality of the client services."
Yassine Brahim, CEO, Ubitrade, commented: "This deal confirms Ubitrade's outstanding position on the Paris market place. Ubitrade offers the user a cost effective, easy to tailor solution and highly flexible system, which is necessary to successfully support and develop financial institutions' derivatives trading activities."