I-Deal Data Systems wins Prebon market data contract
23 April 2003 | 5488 views | 0
I-Deal Data Systems, the market data management firm formed from the ashes of defunct vendor Investhink, has been selected by Prebon Technology Group to provide strategic infrastructure and integration systems under a global agreement.
Prebon Technology Group provides systems integration capability - selecting, developing and implementing technology and services for its parent company, institutional broker Prebon Yamane. The agreement with IDDS covers systems for handling the internal and external distribution of market data, including Prebon's own rates, and the integration of several key internal systems.
Geoffrey Sanderson, chief executive officer of Prebon Technology Group, says the project will position Prebon to introduce services to clients in a flexible and efficient way going forward.
"IDDS's technology and services will vastly improve our time to market, while delivering a platform for a wide range of services, from information to straight-through-processing (STP) and transactions," he says. "Easy deployment to client sites is important for any electronic service, and IDDS has demonstrated this key capability as it is browser-based and can accommodate the flexibility of screen design and service quality we consider essential."
The infrastructure project should eventually provide benefits to Prebon's 1200 brokers, who are based in 28 centres around the world. They cover a broad range of over-the-counter products in foreign exchange, money, derivatives, securities, energy and emerging markets.
The first deliverable of the project - a thin-client management tool for administration of Prebon's reference data - went live earlier this month. Subsequent deliverables include Version 2 of the Prebon.net market data distribution system, and integration of the firm's transaction systems, providing seamless work-flow integration for front and back office.
For IDDS, the Prebon contract represents the first fruits of its strategic alliance with Bang Networks. This picks up from a deal initiated last year with Investhink before that incarnation of the firm went into liquidatiion.
IDDS has incorporated the Bang Networks Axon alongside its integration platform, which supports managed real-time data streaming via any medium, including the Internet. The project will integrate various internal systems, including Prebon's own Global Broking System (GBS) deal-entry system, and the firm's straight-through-processing (STP) engine.
Patrick McGrath, head of technical strategy, says Prebon Technology Group selected IDDS after a full vendor-selection process last summer.
IDDS's integration software will be rolled out across Prebon's entire global operations, including regional centres in London, New York (Jersey City, NJ) and Singapore. Prebon is a strategic user of Sun Solaris, Oracle, J2EE, BEA WebLogic and Business Objects technologies.