Kalahari, a global provider of real-time price discovery and analytic solutions to financial and energy trading institutions in over 16 countries, today announced that ICAP, the world's largest inter-dealer broker, commissioned the company to build a new system to price Australian Dollar Interest Rate Derivatives.
The new pricing system, which includes data publishing, was built to the exact requirements of ICAP Sydney and was delivered in just two weeks, ready for the desk's go live date.
Commenting, Brad Ridge, CEO, ICAP Sydney said: "Once again, Kalahari has demonstrated its ability to develop bespoke pricing products to help us accelerate our time to market. Kalahari built, tested and installed the new pricing system in just two weeks, guaranteeing our readiness to trade from day one."
The new system was commissioned by ICAP plc (IAP.L) following the recent agreement between ICAP and Tullett Prebon, the inter-dealer broking business of Collins Stewart Tullett plc (CST), under which one of CST's two Sydney based interest rate teams transferred to ICAP. The team moved to ICAP's Sydney office at the beginning of October 2005. The team comprises staff from the former Prebon Group's operations, which was acquired by CST in October 2004.
ICAP is the world's largest voice and electronic inter-dealer broker. Following the recent acquisition of the BrokerTec fixed income securities businesses ICAP's average daily transaction volume is in excess of $1 trillion, 50% of which is electronic.
Graham Mansfield, director at Kalahari said: "This extended relationship with ICAP demonstrates how our customers are leveraging the power and flexibility of kACE. Kalahari is dedicated to helping customers face today's pricing, calculation, modelling and analytical challenges in the front office, and the results are evident in the bespoke development and adoption of our solutions and services on a global basis."