TECHNOLOGY GUIDE 2010
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® Foreword
We’re not out of the woods quite yet
Incisive Media seventh edition of the Buy-Side Haymarket House 28-29 Haymarket Welcome to the Technology Guide. A year is an age in London SW1Y 4RX, UK financial services – this time last year we were witnessing the first green tel +44 (0)20 7484 9700 fax +44 (0)20 7930 2238 shoots of recovery from the most acute and protracted downturn since Incisive Media US the Great Depression. That time of optimism, tempered by some uncer- 120 Broadway, 5th Floor, New York, NY 10271 tainty, seems a long time ago, given the change we’ve seen since then. tel (212) 457 9400, fax (646) 417 But that doesn’t mean it’s business as usual on the buy side. Hedge 7705 funds experienced a particularly poor May, where, according to a June 9 Incisive Media Asia Incisive Media report in the Telegraph, the Hennessee Hedge Fund Index reported the 20th Floor, Admiralty Center, average fund down by 2.99 percent for the last month (May 2010), while Tower 2, 18 Harcourt Road, Admiralty, Hong Kong, SAR China Hedge Fund Research put that figure at 2.26 percent (down) for the same Tel: +852 3411 4888, Fax: +852 3411 4811 period, the worst collective performance since November 2008. The news isn’t much better for the long-only shops, and, with the specter of the Customer Services c/o Optima, Units 12 & 13, financial crisis in the Eurozone, coupled with the UK’s crippling debt and Cranleigh Gardens Industrial Estate, Southall, the June 11 announcement by the World Bank that a global double-dip Middlesex UB1 2DB, UK recession is a very real possibility, it’s clear we’re not out of the woods yet. tel +44 (0)870 787 6822 fax +44 (0)870 607 0106 But the business of managing people’s money must go on. So too must e-mail: incisivemediaqueries@ optimabiz.co.uk the development of technology and services that buy-side firms have come to rely on, not only for their internal processes and procedures, but ©Incisive Media Investments Limited, 2010. All rights reserved. No part of this publication now increasingly for the benefit of their investors who demand regular may be reproduced, stored in or introduced into any retrieval system, or transmitted, and granular insights into how their capital is being managed. in any form or by any means, electronic, mechanical, photocopying, recording The vendors/service providers featured in this guide have, as in the last or otherwise, without the prior written permission of the copyright owners. six years, paid for their inclusion. Part of our agreement is that we limit the amount of editing of submissions. Therefore this guide reflects what the contributor believes to be important about its products and/or services.
Victor Anderson Editor-in-Chief, Waters and waterstechnology.com
Sell Side
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Product profi les
Editor Victor Anderson 4th Story 4 [email protected] Tel: +44 (0) 20 7484 9799 Advent Software 5 Online and US Editor Rob Daly [email protected] Bloomberg 6 Deputy Editor, Buy Side Stewart Eisenhart [email protected] Deputy Editor, Sell Side Michael Shashoua Charles River Development 7 [email protected] News Editor Anthony Malakian Eagle 8 [email protected] European Reporter Tanzeel Akhtar Fidessa 9 [email protected] Managing Editor Elina Patler FlexTrade 10 [email protected] Publishing Director Lee Hartt [email protected] INDATA 11 tel: +44 (0) 20 7484 9907 Commercial Director Jo Garvey Misys 12 [email protected] tel: +1 212 457 7745 Murex 13 North American Business Development Manager Numerix 14 Geoff Mosher [email protected] European Business Development SimCorp 15 Manager Robert Alexander Sophis 16 [email protected] Marketing Manager Claire Light SunGard 17 [email protected] Senior Marketing Executive Jocelyn Wiles Sybase 18 [email protected] Design Rob Cuthbertson [email protected] Senior Production Manager Lillian Lopez [email protected] Glossary of financial terms 19 Subscriptions Manager Christopher Coe [email protected] Chief Executive Tim Weller Managing Director Matthew Crabbe
©Incisive Media Investments Limited, 2010. All rights reserved. No part of this publication may be reproduced, stored in or introduced into any retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the copyright owners.
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4th Story www.4thstory.com
About the company Accelerating your time to market 4th Story’s products provide signi cant reductions in time to market and ongoing maintenance costs for automated trading strategists, while preserving their exibility to write custom business logic and integrate with other software. Used by hedge funds and investment managers and brokers, our products enable sophisticated automated trading strategies, including baskets, lists, index and pairs trading, market-making and complex algorithmic execution, order routing, and arbitrage.
Products including live visibility into decision logic, a full Hedge funds and investment managers can realise complement of blotters, real-time positions/P&L, the potential of their alpha-generating ideas via 4th and sophisticated operational work ow. Story’s tools for fundamental analysis and strategy optimization, testing, and real-time operation. 4S.Blue Ridge – Add sophisticated algorithmic Execution desks and brokers can use 4th Story’s execution, smart order routing and other products to meet and beat the competition by institutional capabilities to sell-side DMA o erings, enhancing their existing o ering with smart order integrating via both FIX and proprietary protocols. routing, algorithmic execution, and quantitative research capabilities. 4S.Cascades – Comprehensively instrument and analyze your real-time market data feeds, examining 4S.Yellowstone – Develop, test, optimize and run key metrics, including relative latency, con ation, arbitrarily complex automated strategies and host tick quality, and volume analysis in multiple tabular fundamental and technical analysis studies to take and graphical formats. advantage of trading opportunities. 4S.Klondike – Quickly mine large volumes of 4S.Everglades – Capture opportunities via real-time securities data to identify pairs-trading opportunities operation of automated and algorithmic strategies, using correlation, regression, and other analytics.
Contact Email [email protected] Telephone +1 415 672 4716
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Advent www.advent.com
About the company Advent’s integrated software suite helps you more completely understand your business, from insight to action.
Products established itself as a leading provider of mission Responsive critical applications to meet the demands of Only Advent Software o ers a comprehensive, end- investment management operations around the world. to-end work ow that integrates and supports every step of the investment process – from the initial Innovative intelligence gathering and idea generation through Advent’s product development process is guided the investment decision to execution, settlement, by a formal validation process, where we meet with and reconciliation. clients and prospective clients to fully understand their business operations, their software needs, and Reliable the challenges they face in the market. This feedback Advent Software has been providing reliable, trusted is used to ensure that the software we develop solutions to investment management organizations meets the real-world needs of rms like yours. of all sizes and strategies for 27 years. Whether you’re Whether you are looking for software for a global hedge fund with investors worldwide or an research management, trade order management, investment management rm with $500 million under compliance, investor servicing, billing and revenue management, Advent’s proven solutions can improve management, performance analytics, or portfolio operational e ciency, reduce risk, and free you to management and accounting – installed or focus on what you do best. outsourced – consider Advent Software. With more than 4,500 client rms, Advent has We look forward to working with you.
Contact Corporate headquarters EMEA headquarters Address Advent Software, 600 Townsend Address Advent Software, One Bedford Street, San Francisco, CA 94103 Avenue, WC1B 3AU, London Telephone +1 (415) 543 7696 Telephone +44 (0)20 7631 9240 Email [email protected] Email [email protected]
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Bloomberg www.bloomberg.com
About the company In 1981, Bloomberg started out with one core belief: that bringing transparency to capital markets through access to information could increase capital ows, produce economic growth and jobs, and signi cantly reduce the cost of doing business. Today’s Bloomberg builds on that foundation – everything we do connects decision-makers in business, nance and government to a broad and dynamic network of information, news, people and ideas that enables faster, more e ective decisions.
Products Portfolio managers rely on our global product The Bloomberg Asset and Investment Manager coverage, portfolio-level analytics and pre-trade (AIM) builds on Bloomberg’s core data and analytics, compliance module. Traders manage their o ering hedge fund managers, institutional asset order ow with our integrated blotter, o ering managers and proprietary trading desks a complete superior trade analytics and Bloomberg's global front-end package with market-leading solutions for FIX network. Compliance managers bene t strategy management, compliance, nancing, trade from global regulatory templates to manage settlement, portfolio analysis, order management their compliance risk accurately. Middle-o ce and electronic trading. professionals leverage the power of Bloomberg security master information and connections to industry-leading post-trade processing engines.
Contact Corporate headquarters Address 731 Lexington Avenue Telephone +1 212 617 2000 New York, NY 10022 Email [email protected]
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Charles River Development www.crd.com
About the company Charles River Development is a front- and middle-o ce investment software solutions provider serving over 300 clients in 35 countries representing the institutional, wealth management/trust, alternative investment management, fund management, insurance, pension funds and fund administration/custody markets. Founded in 1984 and privately held, Charles River Development maintains headquarters in Burlington (Boston), Massachusetts; primary o ces in Beijing, London, Melbourne, New York, Paris, Sao Paulo, Singapore, and Tokyo; and a local presence in all other major nancial centers worldwide.
Products TBA for complete automation of ‘To Be Announced’ The Charles River Investment Management mortgage-pool processing. System (Charles River IMS) is a multi-asset class, Charles River’s Hosted Application Management multi-currency software solution that provides and Application Management solutions o er complete straight-through processing on a single, infrastructure and application management for consolidated platform. O ered individually or Charles River IMS. Charles River FIX Network part of a tightly integrated suite, Charles River IMS Services o er clients complete FIX software modules automate: decision support and portfolio administration, connectivity management and management; pre-trade, in-trade (at any stage of support for each sell-side broker and trading the trade cycle), post-execution, and end-of-day destination. Additional client services include initial compliance; order management, electronic trading, implementation through 24x7x365 support. and execution management; post-trade matching Charles River IMS’ open, standards-based, service- and settlement; and performance measurement, oriented architecture (SOA) and modern technology attribution, and performance risk. Additional supports very high trade volumes and throughput. components include the Charles River Anywhere The system is highly con gurable and easily browser-based workstation, fully-integrated Charles integrates with external systems. Its customizable River Network for global electronic trading via FIX user-interface improves e ciency and lowers cost (Financial Information eXchange) and Charles River through streamlined work ows.
Contact Email [email protected] Americas EMEA APAC Telephone +1 781 238 0099 Telephone +44 (0)20 7397 6800 Telephone +61 3 8628 0100l Fax +1 781 238 0088 Fax +44 (0)20 6397 6801 Fax +61 3 8628 0111
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Eagle Investment Systems www.eagleinvsys.com
About the company Eagle Investment Systems LLC is a global provider of nancial services technology, serving the world’s leading nancial institutions. Eagle provides enterprise-wide, leading-edge technology and professional services for data management, investment accounting, and performance measurement. Eagle’s web-based solutions support the complex requirements of rms of any size including institutional investment managers, mutual funds, hedge funds, brokers, public funds, plan sponsors, and insurance companies. Eagle’s product suite is o ered as an installed application or can be hosted via Eagle ACCESSSM, Eagle’s ASP o ering. Eagle Investment Systems LLC is a subsidiary of The Bank of New York Mellon Corporation.
Products regulatory, operational, and client needs, as well as the Data management ability to quickly account for new security types. On Eagle’s data management solution helps investment one platform, Eagle’s investment accounting solution managers create an enterprise data standard by supports multiple business lines, including investment consolidating, validating, and enriching nancial data, managers, banks, mutual fund administrators, resulting in accurate, quality investment information insurance companies, pension plans, hedge funds, which can be delivered to key decision-makers and public funds, and private wealth managers. clients in a timely manner. Using Eagle, rms have a complete view of their data: the ability to exibly Performance measurement aggregate across their holdings or drill down through Eagle’s performance measurement and attribution complex structures to analyse their business, manage solution helps investment managers anticipate and risk, and make informed business decisions. react to today’s market while addressing client and regulatory requirements. It also helps support analysis Investment accounting and reporting needs across multiple functions, Eagle’s investment accounting solution o ers an including GIPS® composite management, index exception-based, exible architecture to address construction, portfolio performance, retail fund complex accounting requirements including calculations, equity and xed-income attribution.
Contact US UK Bob Leaper, head of global sales & marketing John Legrand, head of EMEA and APAC operations Telephone +1 617 219 0100 Telephone +44 (0)20 7163 5855 Email [email protected] Email [email protected]
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Fidessa www.fi dessa.com
About the company Fidessa is a leading provider of solutions to the global nancial community. On the buy side, our products are used by more than 200 customers to help asset managers and hedge funds improve fund performance, enhance trading e ciency, reduce the cost of compliance management and automate the processing of OTC derivatives. Fidessa Group is listed on the London Stock Exchange (symbol FDSA) and is a FTSE 250 company. Fidessa has a turnover of around £240m, has delivered 30% compound growth since its 1997 listing and now employs 1,500 people globally.
Products also be deployed. This is delivered as a broker- Fidessa’s Buy-side Solutions neutral SaaS solution that provides market data, LatentZero is an integrated front-o ce suite of connectivity and trading for global equities and products covering portfolio management, order listed derivatives, and can receive orders from and and execution management and compliance send executions to any third-party OMS via FIX. management, across all asset classes. Fidessa’s front-o ce solutions are supported LatentZero is also available via the SaaS model, by connectivity to the DMA, algorithmic, program delivered from Fidessa’s own data centers with a fully and care order execution destinations of more than managed end-to-end service yielding substantial 530 brokers across 134 markets worldwide, via the reductions in the total cost of ownership. proven Fidessa network, as well as numerous ATSs A standalone, hosted EMS Workstation can for equities, xed income and FX.
Contact Europe North America Address Robin Strong Address Cindy Arcari One Old Jewry 160 Federal St London EC2R 8DN Boston MA 02110 Telephone +44 (0) 20 7105 1000 Telephone +1 617 235 1000 Email info@ dessa.com Email info@ dessa.com
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FlexTrade www.fl extrade.com
About the company Founded in 1996, FlexTrade is the industry pioneer and global leader in broker-neutral algorithmic trading platforms and execution systems for equities, foreign exchange, and listed derivatives. With o ces in North America, Europe and Asia, FlexTrade has a worldwide client base spanning more than 120 buy- and sell-side rms, including many of the largest banks, hedge funds, asset managers, commodity trading advisors, and institutional brokers.
Products analytics and quantitative trading strategies within the FlexTRADER, our award-winning, fully customisable system makes it an ideal choice for those engaged in EMS, comes with pre-de ned trading strategies and agency trading, index arbitrage, and other propri- tactics for portfolio, sector, and single-stock trading. etary and standard strategies. From a single, neutral The platform provides: platform, orders are routed automatically to more than - Organically developed pre-trade, real-time and 100 broker-dealers and all leading ECNs and primary post-trade analytics as well as risk and cost opti- exchanges. Other FlexTrade solutions that enhance mized portfolio trade scheduling (FlexPTS) and seamlessly integrate with FlexTRADER include: - Advanced integrations with major OMSs - FlexTRADEREXP – Hosted (ASP) version of Flex- - Bunching of orders and complex real-time TRADER that is accessible via the internet allocations - FlexDMA – A suite of DMA and algorithmic servers - Listed and OTC smart order routing that provide a direct and e cient path to multiple - A sophisticated dark pool router points of execution, including ECNs and exchanges - A fully integrated high-performance complex event - FlexFX – Enables clients to gain access to various processing (CEP) engine FX execution venues and create trading strategies - Commission management - FlexOPT – Enables clients to aggregate options - Complete transaction and IOI quality management liquidity in the platform (options on equity, index, (FlexTQM) futures and FX) - A dynamic strategy matrix. - FlexFutures – Trades futures with integrated pre- Additionally, the ability to easily write and customise trade analytics and rules-based trading capability.
Contact Americas EMEA APAC Tel +1 516 627 8993 Ext 2 Tel +44 (0)845 607 8993 Tel +65 6829 2569 Email sales@ extrade.com Email sales_eu@ extrade.com Email sales_asia@ extrade.com
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INDATA www.indataweb.com
About the company INDATA® is a leading industry provider of SaaS (Software as a Service) for buy-side rms, including trade order management (OMS), compliance, portfolio accounting and front-to-back o ce. INDATA's iPM – Intelligent Portfolio Management® – technology platform allows end users to collaborate in real-time across the enterprise. The company’s mission is to provide clients with cutting-edge technology products and services to increase operational e ciency while reducing risk and administrative overhead. INDATA provides software and services to a variety of buy-side clients including asset managers, registered investment advisors, banks and wealth management rms, pension funds and hedge funds. Assets under management range from approximately $25 million to over $80 billion across a variety of asset classes (i.e. equity, xed income, etc.) both domestic and international. What these organizations have in common is a desire for the latest technology – not only for today but for tomorrow. What sets INDATA apart is its single-minded focus on increasing operational e ciency as part of the technology equation.
Products post-trade compliance, trade order management, INDATA’s agship software services suite utilizes performance measurement & attribution, composite an industry standard relational database platform maintenance and GIPS compliance, web-enabled (Microsoft SQL Server) that results in a real-time, CRM, web portal for client reporting, and billing. modular, and open architecture solution. Implementation of the system provides buy-side The system consists of functional modules rms with increased business agility and decreased for portfolio accounting and reporting, pre and operational risk and administrative overhead.
Contact Sylvia Morgan, marketing coordinator Address 12526 High Blu Drive, Suite 235, Telephone +1 888 454 4060 San Diego, CA 92130 Email +1 888 454 4060
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Misys www.misys.com
About the company Misys is a market leader providing comprehensive solutions that deliver signi cant results to more than 1,200 customers, including all of the world’s top 50 banks and over 70 buy-side rms including hedge funds, asset servicers and asset managers. We maximise value for our customers by combining our deep knowledge of their business with our commitment to their success.
Products Summit Invest leverages the foundations of Misys Misys Summit Invest Summit (our sell-side solution) and is customized Summit Invest is the solution from Misys for the to meet the needs of the buy side. We include buy side. It enables asset managers, insurance multi-level support for hierarchies and legal rms, hedge funds and asset servicers to operate entities and support allocations of trades to funds e ciently and minimize risk when handling and strategies. cross-asset portfolios of exchange-traded and OTC + Better manage counterparty risk and collateral instruments. The solution leverages our 20 years’ management. Summit Invest includes advanced expertise and market experience in derivatives in functionality for margin/collateral management partnership with 140+ customers in more than 70 and valuations. countries worldwide. + Handle pricing to avoid reliance on third parties. + Gain control of the cross-asset OTC and derivative Summit Invest delivers the ultimate choice in trades on your portfolios, better manage risk and valuation including Summit, Numerix, Pricing comply with regulatory reporting. Summit Invest Partners, external valuation and bespoke in-house supports complex instruments such as structured models. products and LDI, measuring risk, calculating + Gain fast ROI and lower total cost of ownership positions and valuations and managing the full with Summit Invest delivered as an ASP-hosted trade lifecycle in one solution. service. We also o er on-premise delivery with our + Bene t from award-winning technology and Quickstart implementations for smooth, low-risk functionality used by the global sell-side banks. delivery.
Contact Global contact center By region Telephone +632 867 9311 Europe telephone +44 (0) 20 320 5000 Email [email protected] Americas telephone +1 212 898 9500
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Murex www.murex.com
About the company Building on over 24 years of experience in capital markets and cross-asset software solutions, Murex brings to the buy-side arena, MX Asset Manager, a speci c version of its agship solution, MX.3 – a unique cross- currency, cross-asset fund management solution capable of handling the full range of products from plain vanilla to the most complex derivatives products. Coupled with a high degree of exibility and customization, the Murex solution features a multi-faceted design catering to the needs of both service providers (prime brokers, administrators, asset servicing providers) and direct clients (portfolio managers for mutual, pension, or hedge funds, insurance companies). With so many new challenges presented to the buy-side managers when integrating increasingly complex derivatives in their portfolios and funds, the Murex solution represents a strong and reliable ally for dynamic position-keeping and multi-dimensional risk management in a thriving market. Every day over 35,000 users from hedge funds, asset management companies, banks, corporations, and utilities rely on Murex people and Murex solutions to support their capital-markets activities. Client satisfaction is our primary goal, from quality and rapid development to successful implementation and high- quality support. Our 200 world-wide clients can rely on over 1,200 specialists actively focused on delivering 24-hour global support through our o ces in New York, Paris, Dublin, Beirut, Singapore, Beijing, Tokyo and Sydney.
Contact France US Address 8 rue Bellini Address 810 7th Avenue 14th Floor, Paris 75016 New York, NY 10019 Telephone +33 144 053 200 Telephone +1 212 831 4300 Email [email protected] Email [email protected]
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Numerix www.numerix.com
About the company Numerix Valuation Services is the most comprehensive, independent derivatives valuation service – spanning all asset classes and degrees of instrument complexity.
Products delivered daily, monthly and quarterly to best meet Numerix is the award-winning, leading independent customers’ individual audit, compliance and risk analytics institution providing cross-asset solutions management needs. Clients also have the option of for the pre-trade price discovery, structuring, trade receiving a self-contained archive le that captures capture, and portfolio management of derivatives all valuation inputs, providing an audit record that and structured products. Leveraging our unparalleled is consistent, transparent and defensible. Gaining quantitative expertise and cross-asset software complete transparency, Numerix Valuation Services solutions, Numerix also provides the most accurate clients can use this le to defend valuations to and comprehensive valuation services available today. counterparties, investors and regulators, as needed. Numerix Valuation Services provide fast, accurate Numerix employs over 60 full-time PhDs with and independent prices and the ability to value any expertise in data interpolation, derivatives valuation, derivative or structured product. Made possible model research and computational methods. The through the world’s most comprehensive collection of Numerix valuation team is composed of nancial independent, market-tested models and proprietary engineers, business analysts, project managers, calculation methods, Numerix Valuation Services quantitative researchers and software developers. o er coverage for all asset classes – including hybrids Since its inception in 1996, nearly 700 clients and the most bespoke exotics. Numerix’s unique, – including more than 400 direct customers and 200 object-oriented technology approach enables indirect customers through our 50 partnerships in greater e ciency, with every aspect of a deal made over 25 countries – have come to rely on Numerix transparent to the client. analytics for speed and accuracy in valuing Numerix Valuation Services enable independent and managing the most sophisticated nancial valuations for the most complex exotics and new instruments. With o ces in New York, London, Tokyo, structures, in addition to vanilla instruments. Vanilla Hong Kong, Singapore and Dubai, Numerix brings product valuations can be delivered with exibility together unparalleled expertise across all asset classes – from end-of-day to monthly, and exotics can be and engineering disciplines.
Contact Email [email protected]
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SimCorp www.simcorp.com
About the company Headquartered in Denmark with 15 subsidiaries on four continents, SimCorp is listed on the OMX Nordic Exchange. SimCorp Dimension is our only product. Of our 1,100 employees, 400 continue to develop and enhance the system.
Why consider SimCorp? Work smarter SimCorp Dimension is the most advanced asset man- No matter the size, complexity or composition of agement system available. It o ers truly comprehen- your investment portfolios, SimCorp Dimension is sive support for investment management businesses, designed to meet your needs. It will support virtually insurers, fund administrators and wealth managers, every aspect of your business; front, middle and back covering conventional asset classes and derivatives o ce. It functions as a completely seamless asset across virtually all asset management processes, in a management tool, thus increasing e ciency. single system. SimCorp Dimension provides a basis for our Embrace change customers to: mitigate many kinds of risks; control and SimCorp Dimension is a exible asset management reduce costs; grow the business. It has been deployed solution; scalable to support your day-to-day busi- in many di erent ways by our 160+ customers, for ex- ness, as well as changes in the business environment. ample to: replace legacy accounting systems; support With its extensive functionality, SimCorp Dimension the entire investment process, front, middle and back allows you to integrate e ciently into the broader o ce, on a single platform; support funds that include business world. a wide range of asset classes and instrument types. Reach further Dimensioned for you No matter which SimCorp Dimension modules you Every asset management business is di erent. With a implement, standard interface tools make building modular design, SimCorp Dimension enables you to electronic bridges to clients, suppliers, partners and meet precisely your needs – precisely as they arise. other internal systems easy and e cient.
Contact UK US Address Cath Rawcli e, SimCorp Ltd, Address Kenneth Petersen, 2nd Floor, 100 Wood St, SimCorp USA Inc, 17, State St - London EC2V 7AN 6th Floor, New York, NY 10004 Telephone +44 (0)20 7260 1900 Telephone +1 212 994 9400
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Sophis www.sophis.com
About the company Founded in 1985, Sophis is a leading provider of cross-asset portfolio and risk management solutions for capital markets, investment managers, corporate and insurance companies. The company has a global presence with o ces around the world. Sophis serves over 6,000 users in 130 market-leading institutions with its three solutions: RISQUE dedicated to the sell side, VALUE dedicated to the buy side, and iSophis, an ASP portfolio management and risk reporting service for hedge funds. In July 2007, the private equity fund Advent International acquired a majority stake in Sophis. As more stringent risk management controls are demanded by both investors and regulators, we are helping investment organizations across the world to meet these new business requirements. By o ering comprehensive portfolio and risk management capabilities within a single solution, we support rms’ immediate risk management requirements and provide a robust technology platform to support their future growth plans.
About Sophis VALUE About iSophis VALUE is a fully integrated investment management iSophis is a hosted portfolio and risk reporting system that provides complete cross-asset coverage service to enable hedge funds to manage their for the buy side from equities and xed income portfolios across multiple prime brokers. This to all forms of derivatives. The system helps rms web-based service provides access to leading build superior decision support, manage portfolios edge analytics and reporting tools for P&L, risk and and compliance, and handle portfolio accounting performance measurement in a secure, powerful regardless of product breadth. Its fully integrated and exible environment. iSophis was developed risk management capabilities enable rms to in collaboration with JP Morgan's Prime Brokerage monitor exposures in real-time and deliver reports business and is powered by Sophis VALUE. with ease. The speed with which Sophis VALUE has For further information: www.isophis.com been implemented in more than 80 institutions worldwide attracts companies from start-up hedge funds to global asset management organizations.
Contact Nicola Hamilton, marketing director Telephone +44 (0)20 7220 5533 Email [email protected]
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SunGard www.sungard.com
About the company SunGard is one of the world's leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for nancial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue exceeding $5 billion, SunGard is ranked 435 on the Fortune 500 and is the largest privately held business software and IT services company. For more information visit: www.sungard.com.
About SunGard’s Global Trading Business business process management and software-as-a- SunGard’s global trading business provides multi- service, Asset Arena helps investment rms manage asset, front-to-back trading solutions, including complexity, increase e ciency, and reduce costs and order management, advanced execution, smart operational risk, while maintaining agility to respond order routing, clearing and settlement, as well as to changing business and regulatory requirements. market connectivity and information services, across www.sungard.com/assetarena. all listed asset classes. Our trading tools are fully FIX compliant, and the algorithmic trading suites of About SunGard’s Alternative Investments major brokers are available via the SunGard Global From hedge funds, fund of funds and private equity Network and our trading workstations. rms to asset management companies, family www.sungard.com/globaltrading. o ces, real estate and investment banks, SunGard provides specialized solutions designed speci cally About SunGard’s Asset Arena to address the primary business requirements of Asset Arena is SunGard’s global suite of products and the alternative investment industry. They range services for asset managers, institutional investors, from front-o ce analysis, trading and portfolio and traditional and alternative fund administrators. management, and specialist support for private Asset Arena supports the core functions of the equity transactions; through independent valuation, asset management industry including investment risk management and daily P&L; to accounting, management, investment operations and investor records and investor reporting. servicing. By leveraging technologies such as www.sungard.com/alternatives.
Contact Address 25 Canada Square Telephone +44 (0) 20 8081 2000 London E14 5LQ Email [email protected]
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Sybase www.sybase.com/capitalmarkets
About the company For over 25 years, Sybase has been recognized as the proven performance leader in the data-intensive nancial services industry. Sybase o ers highly secure, high-availability software solutions that meet the industry’s need for intensive transaction processing, advanced analytics, and modeling. These solutions capitalize on cutting- edge technological advances allowing nancial services rms a competitive edge in capital markets. Sybase customers include the world’s largest nancial institutions. Every day, tens of millions of trades run on Sybase.
Products pre/post-trade analytics. The only CEP engine that Sybase RAP – The Trading Edition is STAC benchmarked/certi ed for ultra-low latency, Sybase delivers the only ‘whole solution’ that Sybase Aleri Streaming Platform enables analysis processes market data ‘o -the-wire’ and stores and action in real-time and is leveraged for order multiple years’ market data for increased risk analysis stream surveillance; algorithmic trading; market data accuracy and trading strategy development and enrichment; real-time pro t & loss; and automated execution. Sybase RAP’s market-data solution is based security pricing. on the fastest and most scalable in-memory and historical analytics engines available and addresses Sybase Market Liquidity Analysis key challenges facing nancial services organizations: Market Liquidity Analysis (MLA) cuts through the + Exponential growth in market data volumes, complexity that can cloud views of markets. MLA + Exponential growth in market data velocity, consolidates last trade, best bid/o er and full depth + Real-time detection of opportunities and threats. order books across the markets you choose, helping you determine where, when and how to trade in Sybase Aleri Streaming Platform order to achieve best execution. You control the mix Sybase Aleri Streaming Platform solves a range of of venues – which can include exchanges, ECNs, challenges in trading, from quantitative analytics and multilateral trading facilities, alternative trading market-model development, to trade execution and systems, and even your own book.
Contact US UK Address 1114 Avenue of the Americas, Address Sybase Court, 32nd Floor, New York, NY 10036 Crown Lane, Maidenhead, Telephone +1 212 596 1100 Berkshire SL6 8QZ +1 800 SYBASE5 Telephone +44 (0) 1628 597 100
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Glossary of fi nancial terms
Algorithmic trading – The process term given to the automated Front o ce – The term used by which computer programs process of routing a trade to describe the trading and enter trading orders where the directly to an execution venue portfolio management activities algorithm decides on certain without having to go through a within a buy-side organization. aspects of the order, including third party (broker). Processes include portfolio the quantity, price and timing. ECN – Electronic communication construction and modeling, ASP – Application service provider, network is a computer system asset allocation, pre- and post- the term describing the that facilitates trading of trade compliance, pre- and software delivery mechanism nancial products outside post-trade analytics, order ll that allows user rms remote stock exchanges. The primary and execution, and pricing. access to a hosted application products traded on ECNs are Grid computing – A computing usually run in a managed data stocks and currencies. model harnessing a number of center (see outsourcing). EMS – Execution management networked computers allowing ATS – Alternative Trading System, system, a front-end platform institutions to distribute tasks a non-exchange trading venue typically comprising the for increased performance. that automatically matches buy following functionality: multi- GUI – Graphic user interface. and sell order at speci ed prices. asset-class support (equities, High-frequency trading – A type CLS – Continuous linked xed income, futures, options of algorithmic trading where settlement was created in and FX); algorithmic trading; algorithms generate large September 2002 by a number of order routing/connectivity to numbers of usually low-value banks (now numbering over 60) multiple exchanges/brokers; buy and sell orders red into in order to settle FX transactions transaction-cost analysis and the market in short, often sub- between institutions. P&L reporting. second bursts. Crossing network – An electronic ETRM – Energy trading and risk IOIs – Indications of interest are network for matching orders for management technology. investors’ interests in purchasing execution without routing the FSA – Financial Services Authority, securities that have not yet order to an exchange where it the UK nancial services been issued. would be accessible for public regulator. Mark-to-market – The process by viewing. FIX – Financial Information which a nancial organization Dark pool – Also known as unlit eXchange, a messaging network assigns a ‘dollars and cents’ or dark liquidity, are crossing providing a standardized global value to an asset or security. networks that provide liquidity language for the exchange of MiFID – The Markets in Financial not displayed on order books. securities information between Instruments Directive, an DMA – Direct market access is the counterparties. EU-driven single market
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regulatory regime governing Outsourcing – The process by SOA – Service-orientated the investment management which a nancial institution architecture, an architecture industry introduced in contracts a specialist service where networked resources November 2007. Its objectives providers to manage certain (computers) are made available are: to complete the EU single business processes. This, as independent services market for investment services; however, in BST’s view does not accessed without knowledge to respond to changes/ constitute an ASP (see ASP). of their underlying platform innovations in the securities Prime broker – A department implementation. markets; to protect investors. within an investment bank that SOR – Smart order routing, the Monte-Carlo Simulation – o ers a number of services process by which buy-side rms a method of probabilistic to hedge funds including access multiple, fragmented modeling in which a technology support, securities liquidity pools, assessing quantitative model is repeatedly lending and custody. variables such as price, likelihood run with random input SaaS (Software as a Service) of gaining a ll, market impact variations to produce results. – A service where the vendor and settlement cost. NAV – Net-asset value is the ‘dollars develops a web-native STP – Straight-through processing and cents’ gure describing the application and hosts and is the ill-de ned discipline by total assets under management operates (either independently which securities transactions at a hedge fund. NAVs are also or through a third-party) are processed without manual used extensively in the mutual the application for use by its intervention. fund industry. customers over the internet. Stress testing – A common .NET – Technologies and products Scenario analysis – The formal method of scenario analysis that constitute Microsoft’s web term for generic ‘what if’ analyses used to assess market risk. services initiative. carried out to assess a variety of TCA – Transaction cost analysis, the N-Tier – Three-tier or multi-tier risks to portfolios and assets. process by which buy-side rms architecture is a client-server SEC – Securities and Exchange evaluate and compare various environment where applications Commission, the primary US broker’s execution quality over a are distributed among three or nancial services regulator. certain period. more computers on a network. SIA – The US Securities Industry Thin client – A computer in a OMS – Order management Association, now part of SIFMA client-server network that system, a front-end platform SIFMA – The Securities Industry and depends on a number of servers typically comprising: portfolio Financial Markets Association, for processing activities. modeling, trade compliance, created in mid-2006, is a VaR – Value at risk – A risk measure order management and routing, legislative, regulatory and expressed in a currency that P&L reporting and management market practice body overseeing describes the likely decrease in reporting. the US nancial services industry. the market value of an asset or OTC – Over the counter, the term SLA – Service level agreement, a of a portfolio of assets over a used to describe direct trading contractual document outlining certain period. between two counterparties of the levels of service a client can Web services: Services available nancial instruments including expect from a service provider from a business's web server stocks, bonds commodities and typically used during ASP and for web users or other web- derivatives. outsourcing arrangements. connected programs (see ASP).
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Text pages NEW.indd 20 15/6/10 09:47:26 RIMES
The award-winning benchmark data management solution which improves the quality, reliability, speed and cost effectiveness of managing multiple sets of data, to give you complete control over the data you receive and how it is presented. Choose from 300 databases and 130 data vendors.
www.rimes.com
Best Enterprise Data Management Initiative IRD Award 2010 Best Data Provider to the Buy Side BST Award 2007, 2008, 2009
New York: +1 212 334 6866 London: +44 (0)20 7743 6040 Paris: +33 (0)1 78 09 70 70 Nicosia: +357 22 028 045 Sydney: +61 (0)2 9258 1189 [email protected]
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