Ubitrade has signed French electronic broker, ProCapital, to its derivatives clearing and settlement system, Ubix.
Paris-based ProCapital is an electronic broker dedicated to an institutional equities and derivative brokerage activity. The firm is a subsidiary of the CGU Group, which was created by the merger of Commercial Group and Norwich Union.
Eric May, MD of ProCapital, says: "Using Ubix will lower the processing cost per deal in comparison with the outsourced system we have used in the past."
ProCapital has also subscribed to Ubitrade Data Services' contract data (UDS/CD), which automatically creates any new contract in Ubix referential on a daily basis. UDS/CD encompasses all contract-related information including the maturity rules.
In addition, Ubitrade says ProCapital has purchased the member version of the Euronext market module, which includes a real-time interface to the Euronext clearing system, Clearing 21.