HPC to launch EU money market trading platform

HPC to launch EU money market trading platform

European broker HPC group is to launch an electronic trading platform, atenX, for banks active in the European money markets. Initially, the system will be used for the real-time processing of short-term swaps, and will gradually be extended to include negotiable debt instruments such as certificates of deposit and commercial paper.

HPC has chosen Paris-based Coba Technologies to develop the new trading platform and financial extranet Radianz to deliver the service to banks across Europe.

Scheduled to go live within a few months, HPC says atenX, will be distributed to 103 banks in the United Kingdom, France, Germany, Benelux, Spain, Italy, and Austria.

Selected by HPC from a list of ten bidders, Coba's NetDealing matching engine is to be used to provide real time price publication and trade execution while also handling credit limits pre-checking.

HPC says NetDealing made the grade because it is already developed for swaps trading. It is now being adapted specifically for HPC's short-term swaps requirement.

Frederic Metz, CEO of HPC, comments: "Speed is crucial in the short term financial products market as the exact timing of a deal can have a significant impact on the return on investment."

The result of a merger between several investment brokers in Paris, London and Frankfurt, the HPC group specialises in the intermediation of short-term products, off-balance-sheet and refinancing operations.

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