The company says it has refined its product strategy to reflect its focus on the combined entities’ core strengths of foreign exchange, treasury, and global back office processing. The TremaSuite and TremaOne treasury and cash management solutions for corporates, financial institutions and central banks now come under the Wallstreet Treasury name. Wallstreet FX is the new name for the company’s sell-side trade processing solution for foreign exchange, money markets and short term derivatives. Wallstreet BackOffice encompasses Wall Street Systems’ cross-asset, back-office processing solution. The three names also reflect the new company structure.
Earlier this year, private equity firm Warburg Pincus backed a team of financial services industry veterans to acquire a majority stake in Wall Street Systems. In August, the Warburg Pincus team acquired Trema in a deal reported by the Financial Times to be worth around $150 million, and merged it into Wall Street Systems.
Larry Ng, managing director for marketing and products at Wall Street Systems says he sees significant opportunities for Wallstreet FX as globalisation continues to drive the need for multiple currency capability and the increasing automation of the FX market continues downward pressure on margins. Wallstreet BackOffice provides similar functionality to Wallstreet FX with the difference that it can be implemented across different asset classes, including complex credit derivatives, interest rate default swaps and asset backed securities.
"Although financial institutions typically deploy market-specific solutions in the front office, organisations are looking to consolidate their global back office systems," says Ng. "Recent conversations with the industry have shown that they want to centralise and optimise their global operations while monitoring their activities across all asset classes. The current climate demands that they drive down transaction costs to improve margins. The CIO needs to meet and exceed internal service level agreements, while sales teams need to provide transparency and better service to their client base."