19 August 2017
Find out more

Forty Two Objects debuts FX Netting Service

29 January 2004  |  4260 views  |  0 Forty Two Objects debuts FX Netting Service

Forty Two Objects, one of the few technology start-ups to secure VC funding in 2003, is debuting its first product - FX Netting Service - at Finextra's annual City technology conference and exhibition Finexpo.

The product demonstration comes five months after 3i invested £2 million in the company, which was established to create a portfolio of J2EE-based business Web services and objects for financial sector application.

Jeremy Wood, CEO of 42 and one-time co-founder of OST Business Rules, says: "We have been focused on developing core business patterns and general availability is expected as early as Q2 this year. We have also just opened a City office enabling us to get closer to our customer base."

The 42 Netting Service can be implementd in specific business areas or deployed as a central utility across the organisation, says Wood. It is designed to deliver the usual netting benefits, including reduced exposure and regulatory capital requirements and improved operational efficiency.

The product is currently in proof-of-concept mode at two client organisations. Wood says the company has identified initial demand for netting moving into margins and then valuations.

He reports a "constant stream" of visitors to the 42 stand at Finexpo, "both from banks themselves and from vendors as possible complementary business partners".

Other members of the 42 management team include former Anite CEO Mike Shone as chairman, ex-OST man John Allen as CFO, and chief technology officer Rob Payne, who has worked at Royal Bank of Scotland, Tullett & Tokyo, Nomura and Barings.

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

Forty Two Objects secures £2 million seed funding from 3i

Forty Two Objects secures £2 million seed funding from 3i

27 August 2003  |  6131 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.euvisit www.niceactimize.comdownload the paper now

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
7942 views comments | 22 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7381 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6191 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6097 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
5939 views comments | 11 tweets | 9 linkedin

Featured job

Find your next job