Velocity goes live with Phase 1 of the implementation of FSS Spectrum solution
Jan 01st, 2012
Velocity Trade licensed Financial Software System’s Spectrum in August 2011 as an upgrade to their previous FX trade management solution.
In January 2012, Velocity went live with Phase 1 of the implementation, which provides for Leveraged FX Trading, for its London-based operations. This initial phase, which included multiple STP Interfaces and a customized Web Portal for user driven dealing, account management and reporting was completed in a little more than 3 months. In February 2012, Phase 2 saw Velocity migrate over their existing Physical FX business. Velocity acquired access to Spectrum under a Software as a Service (SaaS) model whereby the system is hosted from FSS’ hosting center. The two go-live events’ each took place over a 5 day period and were completed with no interruption to daily operations.
Velocity Trade will benefit from the implementation of Spectrum through a higher level of automation and less manually-intensive work. The solution will be more scalable and will provide more high-value; client-centric services oriented towards the dealing, account management and reporting functions. Another benefit of selecting Spectrum was the seamless integration between the functional Client Portal and their Spectrum Back Office. Velocity Trade was looking to the future when selecting a new FX Trade Management and Client Portal solution. They choose Spectrum, knowing it would be a scalable solution that would enhance the client users’ experience and grow with their organization.
Ben Brown, head of FX at Velocity Trade, London said “with its superior Client Portal, flexibility and broad functionality, Spectrum is the perfect complement to our exceptional pricing and liquidity, allowing us to further expand our offering globally. The efficiency by which this implementation has come about is a credit to both Velocity Trade, working together globally, and to the excellent implementation team at Financial Software Systems”.
About Velocity Trade
Velocity Trade is a global provider of physical FX, leveraged FX and CFD trading services. With operations in Toronto, Montreal, New York, London, Sydney, Auckland and Cape Town, their service allows clients around the world to trade a variety of products using a variety of platforms, under a variety of arrangements. Velocity offers a hybrid service of extremely competitive electronic pricing and execution combined with all the benefits of a 24-hour live dealing desk. Velocity Trade services institutional customers managing trading risk and corporations hedging exposure to currency fluctuations, alongside partnering with Introducing Brokers, White Label Partners and Institutions for Leveraged FX and CFDs.
About Financial Software Systems
Founded in 1992, Financial Software Systems (www.finsoftware.com) provides Treasury, Risk, and Collateralized Trading software for banks, broker-dealers, and fund managers. The Spectrum System supports the full range of front-office, middle-office, back-office and accounting activities across a complete range of assets, including foreign exchange, money market, vanilla and exotic derivatives, fixed income, and equity instruments. Spectrum also provides configurable straight-through-processing (STP) and out-of-the-box integration to third-party platforms. Financial Software Systems maintains offices in Philadelphia, San Francisco, Miami, Mexico City, Guayaquil, London, Hyderabad, Singapore and Hong Kong.