Exchangesys releases Eclipse Metals for commodities trading
11 July 2006 | 2217 views | 0
Exchange Systems Technology Limited (EST) has announced the release of Eclipse Metals, the latest addition to the EST range of clearing and risk management products, aimed at the metals broking and trading community.
The new orders come from a leading LME Ring Dealer; a Japanese trading group and a global FCM.
Patrick Thornton-Smith, Director of Sales & Marketing at EST says, "We have spent some considerable time and money on this project and are delighted with the client uptake. Eclipse Metals has been designed to accommodate the huge growth the market has seen in metals activity from basic buy side needs all the way through to the more exacting demands of LME category 1 & 2 members. The metals market is unique where the convergence of listed and OTC derivatives and plus physical and forward contracts meet. This underlines EST's position as the only multi-asset operational and post trade risk management solution available that leverages modern technologies." Product Manager at EST, Lester Doman adds, "As a trade market, the LME presents more of a technology challenge than most people assume. In addition to the demands of the exchange clearing and settlement for listed derivatives there is far more depth required. Features such as integrated matching screens, warrants processing, average pricing and
OTC functionality are critical to LME members in helping them to manage their risk and their clients. Just being able to process the basic derivatives elements is not sufficient for LME members."
"With the increasing growth of commodities trading and with the convergence of listed and OTC products we believe that Eclipse Metals will prove to be a significant success. Not only have the major metals brokers and Ring Dealing members expressed an interest but we are also in discussions with financing banks, hedge funds and large physical metal trading houses," concludes Patrick Thornton-Smith.