Questrade selects Financial Software Systems Spectrum

Source: Financial Software Systems

Financial Software Systems ("FSS") the leading provider of collateralized trading, risk, and trade processing solutions is pleased to announce that Questrade, Inc, ("Questrade") has selected the Spectrum System as its front, middle and back-office solution for foreign exchange.

Founded in 1999, and headquartered in Toronto, Canada, Questrade offers direct access trading in the U.S. and Canadian stock and options markets in addition to its foreign exchange trading. Ranked as Canada's fastest-growing online brokerage by Investor Economics in 2010, Questrade required a trade management system which could support its rapid growth in the FX retail markets. In order to streamline the implementation process, Questrade also chose to utilize Spectrum's hosted delivery solution.

Questrade will use Spectrum for position and risk management and complete back-office processing of FX transactions. Spectrum's margin trading module provides real-time collateral and credit monitoring, position revaluation and calculations of margin requirements. Questrade will further facilitate its growth with corporate clients via Spectrum's Client FX Dealing and FX Payments Portals.

Ms. Kenann Kelly, New Business Development Manager for FSS commented, "Questrade's business requirements were a perfect fit for Spectrum. Questrade selected Spectrum for its robust risk management functionality, margin methodology and real-time limit monitoring. The client-facing features of Spectrum's web portals were an added bonus as Questrade was seeking to facilitate its clients' FX dealing and payment processing. Questrade's selection of Spectrum was the obvious choice given its reputation in the broker-dealer market as the premier system with off-the-shelf functionality. We look forward to partnering with Questrade as it expands services to its retail and corporate clients."

Mr. Praneil Ladwa, Project Operations Manager for Questrade commented, "FSS has a proven solution for broker-dealers in the FX markets which is unmatched in the market. The Spectrum System will give us the tools to manage our credit exposure and offer additional value-added services to new and existing clients via the Spectrum Client Portals. Utilizing the experienced Professional Services team and the FSS hosting facility, we expect to roll out Spectrum in a very aggressive timeline." 

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