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IFS Acquires Online FX Platform

Dublin-based International Financial Systems (IFS), has acquired Dene International for $21 million. Dene is an Internet-based FX trading systems developer.

Dene’s flagship product, Gate (Global Automated Trading Engine), is an automated FX trading applications, which is currently being used by Barclays, Bank of America, Chase Manhattan, RBS/NatWest and Allied Irish Banks.

“Dene’s Gate technology will allow IFS to fast track the migration of our MarginMan collateralised trading application to the Internet and to offer a superior range of automated Internet trading solutions via an Application Service Provider (ASP) model to our existing clients and to the global FX market in general,” says Ken Coldrick, managing director, IFS.

He adds that the merging of Dene’s Gate and IFS’s MarginMan technologies within an ASP
environment will provide banks of all sizes with greater access to FX liquidity together with helping to improve their customer services, lower their operational costs and increase their
profitability.

In order to meet the aggressive company plans for expansion, IFS will undertake a recruitment campaign over the next six months to increase its sales, research and development teams.

MarginMan is a risk management and collateralised foreign exchange trading application, which determines and values collateral, monitors the risk inherent in the client’s open positions, relates the value of collateral to the size of perceived risk and automatically issues alerts if the collateral/risk ratio drops below pre-defined limits.

Gate provides FX/MM price distribution, automated deal pricing, transaction execution and FX order management in a single, totally scalable solution. Based on Microsoft Windows NT, it offers both 16 and 32-bit multi-user branch and customer clients, with an additional browser-based client available for corporate customers. The product range has recently been extended to include full margin trading functionality based on published live dealable prices.

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