EasyScreen, a supplier of electronic derivatives trading systems, is reporting a slight narrowing in third quarter losses. The London-based company has also struck an implementation, sales and marketing deal with NS Solutions (NSSOL) a Japanese provider of risk management and dealer support solutions.
Under the agreement, NSSOL will market and sell EasyScreen's suite of software to customers in Japan. NSSOL will also provide support to customers within the region, with fees from software sales to be shared between the parties.
Philip Docker, chairman of EasyScreen, describes the projected implementation of the Liffe electronic platform for the Tiffe market as a significant opportunity for existing quality Liffe suppliers to service the Tiffe market.
He says: "EasyScreen recognises that an effective alliance bringing local knowledge and presence in this market to the table is a prerequisite for market penetration."
News of the alliance came as EasyScreen reported a small reduction in total operating loss for Q3 2001 to £925,492 (2000 - £2,304,530) against £956,589 for the previous quarter.
Turnover, including £850,000 from a one-off £1 million licence fee from Refco EasySolutions, rose by 76% over the previous quarter.
By year-end 2001, EasyScreen had cash reserves of £1.2 million and net cash outflows have been approximately £320,000 per month since 1 April 2001. On 29 October 2001 the company received £2million on the issue of a 5 year secured convertible bond to eSpeed. The company has also gained shareholder approval for use of an equity line of credit of up to £10 million with GEM Global Yield Fund and GEM Investment Advisers over 3 years.