TwoFour Systems, LLC announced that the Fimat Group successfully went 'live' on the TwoFour product on June 26, after a six-week implementation project which included some customization and interface development.
The Fimat Group is using the TwoFour product as its global position and risk management system for FX and futures initially in its Chicago trading room with London and Asia following later this year. TwoFour provides Fimat's currency trading desks with real-time trade processing, position keeping and risk management. Fimat licensed TwoFour in mid March, the software was installed in early May and Fimat's Chicago-based traders began using the system in production in mid June. Chris Davis, head of business development at TwoFour states, "The speed of this implementation continues to prove that our solution is the 'right solution' to help financial institutions manage their businesses effectively without having to wait months or years to implement a solution."
Elliot Piatetsky, Fimat project manager, stated, "This project was a big success due to the incredible work done by the entire TwoFour team. Without them, we would have had a much tougher time in going live in such a short period of time. They were always accessible, patient and very supportive during the entire implementation process. Not only did the team provide quality service, knowledge of the industry and extensive time outside of business hours, they were uniquely passionate about this project, dedicated to our success and attentive to our problems and issues."
TwoFour is a comprehensive global trading solution for front, middle and back office processing across financial asset classes. TwoFour is written in C# and runs on Microsoft's .NET framework. TwoFour is designed for real-time, high volume, straight through processing of transactions and is available 24-hours a day, seven days a week.
TwoFour will support Fimat's trading rooms in the Europe and Asia with its cross product trading solution, and will provide Fimat's currency trading desks with real-time trade processing, position keeping and risk management. Fimat required a global, real-time application for currency risk management to better manage their growing business. Ryan Schiff, global head of FX for the Fimat Group, stated, "We chose TwoFour because of its robust functionality and ease of use. The people at TwoFour understood our business and configured their blotters during the demonstration to meet some of our specific requirements. The flexible application and well-structured implementation put us in a position to go live very quickly and reinforced that we had made the right choice."