BURLINGTON, MA, March 17, 2005â Charles River Development, a market leading provider of fixed income order management systems (OMS), today announced that its Charles River Investment Management System (Charles River IMS) is the first OMS to automate and streamline fixed income trading with a live execution and allocation link to TradeWeb, the leading network of online fixed income markets. Five clients, including PRP Performa Limited Ltd., an institutional fixed income manager based in Bermuda with $1.2 billion assets under management, are using the FIX interface between the two systems. Six additional clients in the U.S., U.K. and Germany are undergoing implementation.
Charles River was the first OMS vendor to partner with Thomson TradeWeb, operator of TradeWeb and part of The Thomson Corporation (NYSE: TOC, TSX: TOC), to create an innovative front-, middle- and back-office workflow solution for the fixed income market. A FIX interface between Charles River IMS and TradeWeb enables investment managers to originate fixed income block trades in Charles River IMS and send them seamlessly for execution to TradeWebâs online fixed income markets. Charles River IMS is a comprehensive, front- and middle-office software suite for portfolio management (Charles River Manager), order management and electronic trading (Charles River Trader), and real-time compliance monitoring (Charles River Compliance).
TradeWeb provides liquidity access to 32 major dealers in U.S. treasuries, agencies, TBA-MBS, interest rate swaps, corporate bonds, commercial paper, agency discount notes, European governments, pfandebriefe, supras, and European commercial paper. The electronic link also facilitates the transmission of allocations originating in Charles River IMS to TradeWeb. Following execution, TradeWeb enhances the trade and allocations with standing settlement instructions that map directly into major dealersâ settlement systems. TradeWeb delivers an electronic acknowledgement of the completed block trade and allocations back to Charles River IMS, facilitating paperless trade processing.
In addition, Charles River IMS clients can receive electronic block trade confirmation and allocation detail from TradeWeb for trades completed over the telephone. "This interface harnesses all the power offered by TradeWeb, including direct corporate phone trades with brokers and even trades executed on other platforms, as well as the full power of the real-time Charles River Compliance engine â the result is true STP integration in a global, virtual office environment," said Shawn Murphy, chief investment officer and head of fixed income at PRP Performa. "For example, we can accomplish time critical CP trading knowing that we are compliant with S&P AAAm requirements and also achieve fast, accurate STP for error free cash settlements."
The interface is available to clients using Charles River IMS version 7.2.2 and higher.