18 December 2017
visit www.aciworldwide.com

Pakistan's National Commodity Exchange signs with Patsystems

19 January 2004  |  2689 views  |  0 Pakistan's National Commodity Exchange signs with Patsystems

UK derivatives trading software vendor Patsystems has won a $1.3 million contract to supply Pakistan's National Commodity Exchange Limited (NCEL) with a trading and settlement system for the country's first electronic commodity futures market.

The three year contract covers licensing, installation and on-going support for the trading and settlement system and includes the development of a customised back office application for NCEL members.

The exchange is expected to be operational with an initial range of futures contracts by mid-2004.

Around $0.9 million of the $1.3 million contract will be recognised as revenue by Patsystems in 2004, with the remainder spread over subsequent years. The terms ensure that the contract is cash positive to the group over the three years.

The vendor won a contract to provide Thailand's Agricultural Futures Exchange with a trading system early last year and says it will use a similar technology for the NCEL system.

Assim Jang, managing director of NCEL, comments: "We chose Patsystems because we felt that they have a clear track record in the provision of technology solutions to commodity exchanges and could provide us with a turnkey solution without the need to engage sub-contractors."

Patsystems says it is able to provide customised systems for both start-up and established exchanges and plans to expand its exchange business in 2004.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Patsystems moves into cash markets with IFX interface

Patsystems moves into cash markets with IFX interface

14 November 2003  |  2719 views  |  0 comments
Man Financial rolls out Patsystems' J-Trader in Australia and New Zealand

Man Financial rolls out Patsystems' J-Trader in Australia and New Zealand

29 October 2003  |  3138 views  |  0 comments
Patsystems achieves operational break even

Patsystems achieves operational break even

22 October 2003  |  2517 views  |  0 comments
Patsystems signs Nihon Unicom as distributor; connects to TOCOM

Patsystems signs Nihon Unicom as distributor; connects to TOCOM

03 October 2003  |  3503 views  |  0 comments
Patsystems placing raises £2 million

Patsystems placing raises £2 million

26 September 2003  |  2977 views  |  0 comments
Patsystems e-broker system live on SGX

Patsystems e-broker system live on SGX

10 September 2003  |  5302 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.thomsonreuters.infovisit www.ebaday.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
11049 views comments | 3 tweets | 2 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
8594 views comments | 15 tweets | 17 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7538 views comments | 19 tweets | 22 linkedin
Nordea takes Open APIs into live productionNordea takes Open APIs into live productio...
7023 views comments | 6 tweets | 26 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6961 views 0 | 4 tweets | 2 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job