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