Patsystems more than doubles API users
29 April 2004 | 647 views | 0
Patsystems, the global supplier of trading software for the derivatives industry, is pleased to announce a 220% increase in the number of its API (application program interface) users in the last six months and a 282% rise in the number of API lots traded.
At the end of October 2003, there were 156 registered API users, with 805,073 lots traded during the month. The total number of users at the end of March 2004 was 500, with more than three million lots traded during the month.
Many popular trading tools have been developed through the Patsystems API, including Strategy Runner, Trade Bolt and eFloor Trader, and it has also been used to develop solutions for global financial institutions. What makes the Patsystems API particularly attractive to the developer community is that it is truly 'open'. Unlike other APIs, there are few restrictions: developers are free to create any trading tools they like and are not tied to a Patsystems' template or closed-source model.
As Ian Mawdsley, who heads Patsystems API programme, comments: "We realise that our trading tools may not meet everyone's needs, that people often have very specific and individual requirements. Our view is that if you can develop software that adds value to our platform – whether it be analytical tools or even an entirely new front-end – we'll back you. That's what our API is for: to encourage innovation and product development, and the rapid rise in API users in recent months is a clear indication that developers value the flexibility and creative freedom that we offer."
Looking ahead, Mawdsley sees the development of Patsystems new trading platform as a further boon to API developers. "Our new platform, TradeMark, is now well advanced and will be fully rolled out later this year. Under TradeMark, the user community not only has the most sophisticated technology available, it can also benefit from a wide range of complementary technologies developed through our API. TradeMark is therefore a platform in every sense of the word – a strong infrastructure in its own right and an excellent foundation for developers to create other tools. I'm sure that TradeMark will stimulate some very interesting third- party developments."