Pacific Coast selects FNX Sierra for interest rate derivatives
19 June 2006 | 2048 views | 0
FNX Solutions (FNX), a leading provider of next generation technology solutions for treasury and capital markets, announced today that Banc Investment Group, the broker-dealer unit of Pacific Coast Bankers' Bancshares (PCBB), has selected its web-based Sierra ASP to manage the bank’s Interest Rate Derivatives margin trading operations.
Sierra ASP is FNX’s real-time, cross-asset, end-to-end trading, workflow management and accounting solution, designed to manage the most sophisticated trading operations. Sierra ASP will be used to support PCBB collateralized margin trading and processing of interest rate derivatives.
The broad functionality of Sierra ASP will enable Banc Investment Group to improve automation and transparency, increase processing speed and efficiency, and extend its expanding Interest Rate Derivatives business into new product offerings.
Ed Kofman from Banc Investment Group said: "Sierra ASP met all the requirements we were looking for and provided the trading tools, secured access and high availability we needed to support our STP operations – and gets us up and running quickly."
Ray Krastins, Director of North American Sales added, "Sierra ASP’s web-based delivery platform was particularly appealing to Pacific Coast Banker’s Bank because it offers convenient accessibility, security, disaster recovery, maintenance, upgrades and support at an affordable flat monthly rate. Speed to market was also a major challenge and the ASP delivery selected by PCBB allows for an implementation time frame of around 90 days."