Financial Market Solutions (FMS), the financial software company formerly known as Kinvara, has signed a letter of intent with Mitsui to support the launch of FMS’s business operations in Japan. The company has also joined the Financial Services Partner Program established by Microsoft Company Limited, the Japanese subsidiary of Microsoft Corporation.
Mitsui says it will lend its local expertise to FMS for its sales and marketing strategy in return for a proportion of revenues resulting from business generated under the relationship. Mitsui will also be allowed to participate in future equity financing of FMS’s parent company.
Meanwhile, the Microsoft programme provides joint marketing, funding for new solution development, technical training, support programmes and early access to new products and versions.
The partnership began in mid-January, with Microsoft personnel being trained on FMS’s Universal Trading Platform (UTP). FMS is being introduced to financial institutions and corporate clients that are potential UTP users, as well as being involved in the Microsoft.Net initiative in Japan.
The UTP platform is available as either an ASP or an internal licensed software solution. It allows for simultaneous multi-user capability to execute trades on a fully automated basis. It was initially created for the FX market, and was expanded to include forwards, options and equities trading models. Q2 2001 will see the system extended further to include bonds, futures and precious metals modules.
FMS has also signed an agreement with E-Quote FX Corp to allow the UTP to be licensed to E-Quote via an ASP solution. E-Quote was due to release an online trading platform to new and existing clients last month.
The system allows users to deal live within a “virtual market”, giving traders access to a central pool of liquidity. According to officials, the system’s multi-user capability will provide E-Quote with the ability to link fragmented pools of liquidity to create a common market.
The system offers a high speed browser-based FX dealing platform with a range of dealing options. Subscribers can request spot quotes, execute speed trades, submit speed orders, choose six different order types, split trades, deal in forwards and swaps, monitor real-time profit/loss, order status, as well as the virtual market option.
Meanwhile, FMS has also entered into an agreement with CurrencyNetwork (CN), an online news and information service. CN will provide FMS with streaming FX Content, a service that provides news, analysis, real-time currency quotations and discussion forums.