SG, the corporate and investment banking arm of France's Societe Generale Group, has launched a Web-based money market trading system for institutional users in New York.
The platform - which integrates front, middle and back-office tasks - enables SG's institutional clients to execute trades over the Web site of the New York money market divsion.
Pricing of money market products are continuously updated and posted on the site and institutional customers are promised straight-through processing of trades as well as automated, real-time trade confirmation. The platform will initially focus on time-deposit trading, to be followed by certificate of deposit (CD) and commercial paper (CP) trading.
The system uses proprietary trading software developed by SG in combination with Financial Oxygen, a financial software firm.