Technology to the Sell Side of the Year

Caplin Systems

Caplin Systems has developed RTTP (Real Time Text Protocol). RTTP is used to build portals, provide trading capability on the web and replace traditional network systems. Caplin’s sell-side solutions enable investment and wholesale banks to communicate prices to their clients in a customised format and to aid traders and brokers in their daily business. The solution is proven in its scalability with a single Caplin Liberator server able to support more than 30,000 users simultaneously and able to deliver more than 1.25 million updates per second to browser-based virtual applications.

The panel of judges liked Caplin’s provision of real time streaming data at high speed, through unmodified firewalls and proxy servers, using the existing internet network. The technology also enables financial service institutions to take back the ownership of their data.

+ Highly commended

Kx Systems

Kx Systems offers a solution that can work both with real-time data feeds and with historical data – enabling real-time analyses of price and volume movements on multiple instruments and correlating them with billions of records of historical data. The solution Kdb/tick uses a high performance relational database system enabling real-time computations thus eliminating pre-computed results. This allows traders to develop and carry out new trading strategies in real time; new models can be executed almost simultaneously. Kx Systems is commended for the speed and cost reducing potential its solution brings.

Stock Exchange System of the Year

Tata Consultancy Services (TCS)

TCS’s CDSX has transformed Canada’s capital markets by replacing two settlement and clearing systems with a mission critical application. CDSX performs depository, clearing and settlement operations in exchange and over-the-counter (OTC) equity, debt and money market transactions at the Canada Depository Service. CDSX has given the Canadian capital markets a T+1 settlement solution that the US has yet to achieve. Not only this but it has been achieved at the cost of $50m, one-quarter of the cost of similar projects at Euroclear and the Depository Trust & Clearing Corporation. It was also delivered on time in a highly complex environment and now offers Canada easy transition into a T+1 environment.

V Ramanathan and Mohan Kumara of Tata Consultancy Services, Stock Exchange System of the Year

Reference Data technology of the Year

Financial Technologies International (FTI)

Financial Technologies International, working with Telekurs Financial, has created an integrated global reference data management solution, StreetReference with Telekurs. By combining FTI’s StreetReference solution with Telekurs’ Valordata Feed (VDF), FTI is able to provide financial institutions an enterprise-wide reference data platform and a comprehensive and reliable quality data source. By integrating market and enterprise-wide data of customers, this product overcomes the problems associated with business areas working independently, with the institution using a variety of external sources that are almost impossible to reference. Operating costs are significantly reduced because manual error and duplication are removed; consistent, shared information reduces risk; and the path to transaction automation becomes easier.

Back: George Collier, Brian Hawkins and Paul NortonFront: Sonja Woodman, Brian Rooney and Steve Popple of Financial Technologies InternationalReference Data Technology of the Year

+ Highly commended


Cicada also stood out and was highly commended by the judges because of its unique approach in the area of reference data. Recognising that software or ASP on its own cannot address all business needs, Cicada combines IT with direct intervention by data analysts, achieving a harmonious blend of technology and people. Cicada provides advanced technology for automated data validation across asset classes.

Compliance technology of the Year

Misys eagleye

The eagleye solution is a web-based, standalone system that is designed to be easily integrated with external source systems including modelling, trading and order management systems. Developed on a Microsoft .NET platform, it uses an open database, rules engine and architecture, designed to adapt to changing regulatory and client needs. The judges recognised the ability of the solution to bring compliance to the traders’ desk, that is, at the time of order entry.

+ Highly commended


FRS has produced a regulatory and financial reporting database known as FRS FinancialAnalytics. At its core is a global Data Foundation to help customers prepare and comply with Basel II and International Reporting Requirements. Data Foundation is a predefined model that consolidates and normalises risk data from across offices, countries and lines of business into a single standardised data model, while encompassing the regulatory requirements of more than 20 countries. The judges commended FRS for producing a consistent reporting database across multiple regulatory regions from a single source of data that also addresses the topical post-Basel II environment.

Payments and Cash Management solution of the Year

CashTec Solutions

CashTec’s product, TransactCentral, is a suite of innovative applications that covers the complete range of cash management and transaction settlement products. TransactCentral can generate customisable products and workflows, generate transaction workflow screens with standard services, such as user access, security and interface definition to and from the system. Shinsei Bank in Japan has successfully implemented TransactCentral, allowing remittance traffic to be submitted online, in bulk offline or routed over the counter. Key features include private labelling, multi-entity support, and multi-lingual and multi-currency capabilities, with a single installation supporting multiple entries.

Private Banking solution of the Year

ERI Bancaire

The OLYMPIC Banking System of ERI Bancaire is an integrated core banking application designed to deal with all requirements of private banking and wealth management. Its functionality also covers e-banking and e-broking and discretionary or advisory portfolio management. This includes the automatic re-balancing of portfolios and the generation of orders (using real time prices), followed by execution, settlement and accounting for all securities transactions. This ability to complete straight-through processing for multiple entities in multiple currencies has made it a clear favourite with international key players and also the judges. An interesting example of its implementation is at Noriba Bank, Bahrain. In just over four months, OLYMPIC Banking System was installed and modified to provide Islamic banking products to cater for local needs.

Messaging technology of the Year


The EquiLend platform is a market maker for the stock lending and borrowing industry. Through its hub, transactions can be made secure using a new standard protocol, known as Securities Lending Mark-up Language (SLML). The platform electronically matches demand and supply, and provides confirmations, comparisons of open contracts, billing information and marked to market value of loans and collateral. EquiLend’s automation disposes of the need for costly, error-prone, manually-intensive procedures of negotiation and back office data handling. The platform handles transactions in all major markets and has facilitated more than $325bn in new lending transactions since its inception nine months ago. The technology is impressive for its automation of a previously costly and large market.

+ Highly commended

Credence Analytics

Credence Analytics’ Mercury-fx (see highly commended award for Network Infrastructure) was highly commended in this area as well, for its innovative use of Instant Messaging and XML.

Technology to the Buy-Side of the Year


FXall is an electronic trading portal designed to replace the OTC market in foreign exchange, integrating both the buy and sell side into a single platform. It achieves full automation of every aspect of the transaction process from trade confirmation to settlement. It also enables automation of execution, confirmation and netting, research access and provides full straight-through processing of trades. With 43 banks providing liquidity, FXall has already revolutionised the market and a process that used to take most of the day can now be completed in a fraction of the time.

Trade Finance solution of the Year


NEOMAlogic’s Global Trade Portal allows banks’ corporate customers to have access to their trade finance transactions via the web. It offers a full-featured, internet-based console to manage online Letters of Credit, documentary collections, financing, guarantees and their underlying documentation. Using a portal view gives banks and customers a single point of interaction, personalised to each user’s needs and responsibilities. Global Trade Portal can also be integrated with customers’ internal enterprise resource planning systems to streamline the financing of the transaction cycle. The panel unanimously decided that NEOMAlogic’s focus on the inefficiencies of the finance supply chain was worthy of The Banker’s Technology Award for Trade Finance.

Oliver Berthier of NEOMAlogic, Trade Finance Solution of the Year

+ Highly commended


Valicert’s Document Authority provides a secure, open architecture solution for document-based business collaboration via the internet, offering high levels of security and audibility required for cross-border trade finance. Paper-based processes are replaced by online document exchange, approvals and audit trails, thereby reducing the business process cycle time of open account and credit-enhanced trade transactions. It provides a reliable web-based document exchange with version control, secure messaging, sophisticated access control mechanism, digital signature capabilities and legal-grade audit trails.

The solution is being used by ABN Amro AllTrade to reduce the business process cycle time that is associated with both open account and credit-enhanced trade transactions.

Investment & Wholesale Core Banking solution of the Year

Financial Objects

Activebank2 is Financial Objects’ solution to the challenges of next generation banking. It is a one-stop remedy for core financial operations. It consists of components such as accounting, treasury, risk management and payments. Built on Microsoft’s .NET platform, it allows banks to achieve the desired goals of profitability, efficiency, reduced costs and high quality customer service while realising unparalleled levels of system and application integration. For these reasons Financial Objects was chosen by The Monetary Authority of Macau (AMCM), as well as the panel of judges as outstanding. Rufino Ramos, executive director of AMCM, said: “We needed to find a one-stop solution for our core financial operations. Not only did the system have to tie together our banking applications in one easy-to-use platform, it also needed to be flexible enough to adapt to constantly evolving requirements.”

Risk Management solution of the Year


DataSynapse’s GridServer software creates a self-managed grid-computing infrastructure, eliminating constraints of application scalability and data intensive bottlenecks without costly and complex architecture. Based on open standards grid computing, it modernises applications across Linux, Unix and Windows to use significantly more computing power on a self-managed grid computing infrastructure, generating unparalleled levels of application scalability, performance and reliability.

The judging panel was particularly impressed with the implementation of GridServer at Wachovia Securities, which proved its potential. The software replaced a fixed-income application on internally developed infrastructure over Windows and Unix desktops/ servers. GridServer reduced application time from a 15-hour end-of-day P&L batch process to a 20-minute intra-day-capable process. This efficiency in risk management enables analysts to develop more complex, sophisticated trading models that were not previously possible.

+ Highly commended

Platform Computing

Platform’s GRID solution makes it possible to spread risk calculations over multiple machines resulting in faster overnight calculations – in some instances to less than 30 minutes from more than nine hours. If one machine fails to process its work, it is automatically rescheduled to another in the pool, reducing operational risk. The solution enables bank infrastructure to become more fault-tolerant, scalable and flexible. These batch calculations can be run at night with priority being given to the day-to-day interactive work, thus avoiding duplication of infrastructure.

Treasury technology of the year

City Networks

The CityNet Confirmation Matching module for CLS addresses the need to resolve time critical trade exceptions within the constraints imposed by the CLS Bank, allowing for better liquidity management. The module enables CLS participants to process exceptions in the quickest time possible by matching bank, broker, counterparty and the information held by CLS Bank in a real-time environment. The Confirmation Matching module addresses a current problem and is the only CLS confirmation matching system in a real-time, 24/7 based environment available today.

City Networks leads in this category because the company offers an innovate a solution at a time when no-one else was prepared to take a gamble in developing technology for the CLS.

+ Highly commended

Credence Analytics

Credence Analytics’ product, iDEAL, is highly commended in the field of treasury. iDEAL allows banks to automate operations in all investment markets,including money markets, equities, foreign currency, debt securities and derivatives. It addresses the operations of trading, risk management and settlement/accounting. It was recently successfully implemented at UTI Bank of India, where it was selected for its flexibility as a result of its modular structure. The solution will also enable other operations to be added, such as trading in derivatives as well as allowing focus on risk management.

Portfolio Management solution of the Year

Misys Asset Management Systems

The Apollo for Institutional Management (AIM) solution serves not only front office client management activities but also middle office requirements of reconciliations and control type activities. The judges liked its capability of handling multiple instruments such as OTC contracts, bonds, equity and derivatives, but also – more interestingly – the automatic processing of corporate actions. As well as being used by managers adopting bottom-up styles, its unique strength is in the top-down approach to asset allocation.

+ Highly commended


ILOG’s JRules business rule management system and CPLEX optimisation software are highly commended in the field of portfolio management by the judges. JRules automates the processes and decision-making necessary in portfolio management while ensuring compliance to business rules. These rules can be created and modified to reflect client investment goals, market conditions and regulatory requirements. CPLEX is a mathematical standard used to calculate the optimal allocation of assets to given investment goals and risk profiles.

Straight Through Processing solution of the Year

170 Systems

170 Systems’ product, e-documents, allows customers to capture and manage all their information online (be it internet, intranet or extranet). And through content management, document imaging and workflow products, it enables organisations to integrate their information across applications. e-documents stood out because it enables businesses to get 100% of their information online, irrespective of the source.

John Rooff and Nick Hunt of 170 Systems, Straight Through Processing Solution of the Year

+ Highly commended

FileNet Corporation

FileNet P8 BPM Business Process Management Suite enables automation, streamlining and optimisation of complex business processes. A fine example of this is FileNet P8 BPM as the platform that supports Fundsdirect, the new initiative of Egg, the internet bank of Prudential, UK. FileNet P8 BPM developed a wrap platform for Fundsdirect in anticipation of forthcoming regulatory changes that are being proposed to the provision of long-term savings products in the UK.

Front Office Trading technology of the Year

Anvil Software

Anvil ARTS is used by banks worldwide in the business areas of international repo, securities finance, agency lending and central margin management for the fixed income and equity markets. Not only is it a front office application, but it also brings middle and back office functions to the trader, such as risk and collateral management, real-time compliance and margin monitoring. Its high scalability means it can be used for a single trader at one site or by thousands across global locations. The judges were impressed with the application of ARTS for both repo and equity finance at Rabobank, Netherlands. ARTS improved internal processes and realised significant cost savings and reduced operational risk from manual error.

+ Highly commended


Cognotec’s AutoDeal+ system provides a web-based dealing service with fully automated real-time pricing and execution to bank’s buy-side clients in the foreign exchange and money markets. This can be via multiple connectivity channels single proprietary channels and multibank channels such as Fxall, Currenex and StateStreet. AutoDeal+ is fully compatible with middle and back office systems, and is recognised for extending liquidity to other institutions allowing the bank to extend its foreign exchange market.

IT Outsourcing service of the Year

American Management Systems (AMS)

AMS’ Proponix Integrated Trade Finance Platform is the only trade finance outsourcing solution on the market offered on a per transaction basis. It is entirely web based with fully integrated workflow and imaging capabilities allowing end-to-end processing for all trade finance products. The innovative architecture Proponix gives banks the ability to drive down costs significantly – by about 30%. Proponix supports multi-bank, multi-currency, multi-lingual and multi-time zone processing 24/7 with no system shut down for batch processing. All these attributes and the ability to cater for small volume players due to its transaction basis gave AMS the award for IT Outsourcing.

David Yates and George Zafirakis of AMS, IT Outsourcing Service of the Year


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