ILQ is a U.S. domestic company and Futures Commission Merchant that has entered the foreign exchange market as an RFED, providing banks, FCMs, brokers, dealers and corporations access to the FX market. ILQ will use TwoFour to manage all of its FX Back Office processing across the enterprise as well as for trade capture, position management, P&L, shared reference data, settlements, revaluation, allocations, multicurrency accounting, reporting and more.

ILQ's selection and licensing of TwoFour's FX Back Office is notable in several ways. Firstly, ILQ represents a new type of organization within TwoFour's stable of clients which includes some of the world's largest banks and financial institutions. Also significant was the pace of the selection process. After an extensive look at competing vendors in the space where multiple solutions were analyzed, ILQ signed with TwoFour in an unprecedented timeframe. Throughout the evaluation process, ILQ was impressed with TwoFour's robust flexibility, elegant design and functionality coupled with TwoFour's deep FX industry knowledge.

TwoFour's ability to deliver its solution in a componentized fashion that can be incrementally enabled to allow ILQ to easily expand usage of TwoFour's functionality as their business grows was also an attractive attribute to ILQ. These factors ultimately lead to TwoFour's FX back office being selected. In keeping with the pace of the signing, ILQ aims to be live after about six weeks of implementation, another impressive and challenging timeframe that TwoFour is confident it will be able to meet.

"Not only are we pleased about establishing a relationship so quickly with another client, but we welcome ILQ as the first of what we hope to be a growing list of clients in this industry space," said Chris Davis, co-founder and global head of sales at TwoFour. "We are proud to be able to offer the quality of our technology and implementation expertise to this sector, bringing large scale benefits to mid-sized institutions."