SVS Securities PLC has become the latest firm to sign up for Rhyme Systems Altimis software.
Under the terms of the three year agreement, SVS is scheduled to go-live with Altimis early this year.
Altimis is a proven web-enabled system for all aspects of stockbroking and investment management, offering a truly integrated, straight-through approach to the entire dealing and investment process. Altimis functionality includes order management, RSP connectivity, Swift and FIX messaging, CGT, performance measurement, Crest settlement, client reporting and document warehousing and management.
SVS Securities PLC is a dynamic and expanding stockbroking and corporate advisory firm, authorised and regulated by the Financial Services Authority. It provides a variety of investment management services which include Advisory and Brokering Execution, IPO Private Equity Services and an Institutional Desk.
Bob Whigham, Director of Rhyme Systems, commented: "Rhyme is delighted to welcome SVS on board. SVS is a relatively new name in the market but is already proving its metal as one of the fastest growing brokers in the City. SVS is a hugely ambitious firm and Rhyme is excited to be a part of their future success."
Philip Pooley of SVS Securities PLC, said: "As a company we have increased our market share significantly in the past two years. We needed a modern system that would not only support our current business but also have the capacity to support our continued growth into new business areas. We also made the decision to bring in-house our clearing activity - which had been outsourced to a third party. This important initiative, along side the implementation of Altimis, will mean that we are in total control of our processes; we can ensure that the service we deliver to our clients and correspondents is of the highest order."
Under the terms of the agreement Rhyme will provide Altimis to SVS for an initial minimum period of three years via its ASP service. Rhyme's widely used and trusted ASP model provides a fully hosted, managed service with business continuity and disaster recovery. Rhyme will also take responsibility for the data migration project from SVS's legacy applications.
Piers Farbrother, Sales Executive at Rhyme Systems, added: "Rhyme's products have traditionally been associated with larger blue-chip UK organisations. This deal demonstrates Rhyme's progressive targeting of the medium to smaller UK companies with its innovative and highly effective Altimis product."