SecFinex restructures, broadens outlook
12 August 2002 | 3165 views | 0
SecFinex, an online stocklending system developed by UK software house Mutant Technology, has emerged from a recent restructuring programme with plans to expand its geographic reach and add fixed income bonds to its securities finance trading platform.
Bonds covered will include government, corporate and convertibles from all major markets. In addition, the Japanese equity market and further European equity markets will be added to SecFinex's six existing European equity markets.
Two new customers have also signed to use the trading platform, says the company, bringing the total number of signed participants to 35.
John Oddie, CEO at SecFinex, says the firm has recently completed a restructuring program that will allow it to "continue operating in the current difficult financial markets".
Oddie refuses to elaborate on the restructuring programme, but it is understood to have entailed staff cutbacks and an injection of working capital from existing investors. Major shareholders in SecFinex include Cazenove Private Equity and Mutant Technology.