Velocity Trade licensed Financial Software Systems' Spectrum Broker and Client Web Portal in August 2011 as an upgrade to their previous FX trade management solution.
Velocity went live in January 2012 with Phase 1 of the implementation, which provides for Leveraged FX Trading, for its London-based operations. This initial phase, which included multiple STP interfaces and a customized Client Web Portal for user driven dealing, account management and reporting was completed in a little more than three months. In February 2012, Phase 2 saw Velocity migrate over their existing Physical FX business. Velocity acquired access to Spectrum under a Software as a Service (SaaS) model whereby the system is hosted from Financial Software Systems' hosting center. The two go-live events each took place over a 5 day period and were completed with no interruption to daily operations.
Velocity Trade will benefit from the implementation of Spectrum through a higher level of automation and less manually-intensive work. The solution will be more scalable and will provide more high-value; client-centric services oriented towards the dealing, account management and reporting functions. Another benefit of selecting Spectrum was the seamless integration between the functional Client Web Portal and their Spectrum Back Office. Velocity Trade was looking to the future when selecting a new FX Trade Management and Client Portal solution. They choose Spectrum, knowing it would be a scalable solution that would enhance the client users' experience and grow with their organization.
Ben Brown, head of FX at Velocity Trade, London said "with its superior Client Portal, flexibility and broad functionality, Spectrum is the perfect complement to our exceptional pricing and liquidity, allowing us to further expand our offering globally. The efficiency by which this implementation has come about is a credit to both Velocity Trade, working together globally, and to the excellent implementation team at Financial Software Systems".