Ion Trading to acquire Wall Street Systems.
Ion Trading, a provider of electronic trading, pricing and risk management systems across asset classes, will acquire treasury and capital market transaction processing vendor Wall Street Systems, officials have told FX Week .
"Ion Trading has signed a definitive agreement to acquire Wall Street Systems," said a spokesperson for Wall Street Systems in London, but declined to give further details about the deal. Ion Trading could not be reached for comment.
The news comes after it emerged last mon.
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Bond Trading Systems.
How bond trading systems work.
Bond Trading Business Primer.
Bond trading using electronic systems is called e-trading . This requires a considerable amount of information technology infrastructure. Before exploring the information technology, we need to understand the fundamentals of the bond trading business. This article describes the processes of bond trading. This is a very broad and deep topic; in this article we will only skim the surface and gain just enough understanding to proceed with exploring the information technology in the next articles.
The bond business.
The bond business has many activities, for simplicity these can be grouped into one of four key operation groups. All these operations are supported by information technology and each group is focused on a specific aspect of bond trading.
Bond life-cycle basics.
A bond is a means for a legal organisation to raise capital by issuing debt. The legal organisations are governments, corporations, supra-national organisations and others. The debt is bought by investors who become the bond holders. The bond holders receive interest payments from the bond issuer at periods defined by a schedule. The bond has a defined term (it’s maturity) and at the end of the term, the original value of each bond is paid back to the bond holder. The original value is also called the face value .
The diagram below helps to illustrate this.
The interest payments made on a bond are called the coupon payment. This term is historic for when a bond certificate actually had tear-off coupons that were required to be presented to the bond issuer in order to receive the interest payment.
Defaulting.
There is a risk that the bond issuer will not be able to pay some or all of the interest payments or the face value at maturity to the bond buyers. This is called credit risk . If the bond issuer fails to honour the bond schedule then the bond issuer defaults on the bond.
If the bond issuer defaults and is in receivership (i. e. declared bankrupt) bond holders may receive a percentage of the face value if the bond is classified as senior debt. If it is subordinate debt then any payout only happens after senior debt has been settled.
Primary Market.
Bonds are issued on the primary market; this is where the bond issuer receives the capital from the bond buyers in exchange for the bond ownership. A buyer of a bond can hold onto the bond until maturity and receive the face value at maturity plus interest payments during its lifetime.
Secondary Market.
A bond holder may choose to switch out of the bond and into another financial investment. This is easily done by trading the bond on the secondary market. The secondary markets are where bonds are bought and sold as commodities.
In general, the term “bond trading” refers to trading on the secondary market. The diagram below summarises bond trading during the market phases and life-time of a bond.
The Secondary Bond Market.
A market has customers and merchants, the customers go to the market to obtain goods for cash whilst the merchants go to the market to sell goods for profit. In this respect, the secondary market is no different. The investment banks are the merchants and investment companies that manage pensions or wealth-management funds are the customers. This is a generalisation of the market participants but is fine for what we need in order to proceed. In the secondary markets, the terms sell-side , market-maker , trader or dealer identify merchants. Customers are identified by the terms buy-side , market-taker , customer or client . In these articles, we shall use the terms dealer/trader and customer .
Prices are expressed as a percentage of par . Par is another term for the face value. Therefore a price of 100.00 is 100.00% of the face value of the bond. The diagram below shows example situations for customers buying and selling with dealers. The dealer sets the prices that the customers can trade at. In general, the dealer will buy low and sell high. In the examples, the dealer is willing to buy at 99.5 and sell at 100.5. This essentially means that if the face value of the bond is $100, the dealer is willing to buy at $99.50 and sell at $100.50. The price a dealer buys at is the bid price and the price the dealer sells at is the ask price. The ask price is also known as the offer price.
The difference between the bid and ask price is called the bid-ask spread (also bid-offer spread ). Wider spreads are better for dealers, narrower spreads are better for the customer but the bid price is always lower than the ask price. Dealers will always want wider spreads whilst customers will always want narrower spreads.
Generally, dealers are not interested in holding bonds to maturity, they are interested in making profit from buying low and selling high. Customers, in contrast, are interested in holding a bond to maturity or at least with a view to receiving the interest payments from a bond and typically re-investing them.
Pricing a Bond on the Secondary Market.
How much a bond is worth can be calculated as its face value plus the remainder of the coupon payments, discounted against the time to maturity of the bond. This is also called the yield-to-maturity and represents the yield you would get if you hold the bond until it matures.
However the yield-to-maturity does not take into account the credit risk of the bond issuer (i. e. how likely it is to default). It also does not factor in risk due to interest rate changes; generally as interest rates rise, bond prices drop and vice versa. In short, the yield-to-maturity is not generally used for calculating prices on the secondary market.
In practice, there are a range of techniques used to price bonds on the secondary market. We won’t be discussing these techniques as they are not appropriate at this introduction level. However, there is one fundamental concept that is common to all pricing techniques; pricing one bond from another. The diagram below helps to illustrate this. This shows a typical example where corporate bond prices are driven by changes in a benchmark bond. Usually the benchmark bond is a government bond.
Typically the corporate bond price has a fixed spread from the benchmark. As the benchmark price changes, so too does the corporate bond price. More advanced pricing techniques can use blended prices or yields from multiple benchmarks to arrive at the bond price. For now though it is sufficient for us to have an appreciation that bond prices can drive other bond prices. This is an important concept in bond pricing for trading. Pricing relationships like this are the basis for most bond pricing systems.
Secondary Market Liquidity.
Governments issue bonds to fund government debt. To ensure that the value of the bonds holds up and that the debt is not viewed as junk , governments place obligations that dealers keep the bond prices liquid on the secondary market by continually quoting 2-way prices . A 2-way price is another term for buy and sell prices. This places a large responsibility and possible financial risk onto dealers to ensure their government bond prices are accurate for the market. These prices become very sensitive to interest rate changes and vice-versa. These obligations ensure government bond prices are always liquid which keeps secondary bond trading viable and stable. The benefit to dealers that take on these obligations is that they are able to participate in the primary market auctions of government debt. Participating in these auctions has financial and reputation benefits for the dealers.
Importance of Liquid Government Bond Prices.
In general, bonds are classified as either government or corporate debt. Government bonds are issued by governments and have a lower risk of defaulting because, in general, governments do not go bankrupt. Due to the lower risk, they also have a lower coupon payment. This follows the concept of lower risk, lower reward.
Corporate bonds, in contrast, have higher risk of default. As such their coupons are higher than an equivalent government bond. The pricing of the corporate bonds is generally done by pricing over government bonds. A single government bond may be driving multiple corporate bond prices. As government bond prices change there is a cascading effect on the price of corporate bonds. By pricing corporate bonds over liquid government prices the corporate bonds themselves have an inherent liquidity.
Liquidity of government debt prices is also an important factor for economic growth. The liquidity is a sign of confidence in the government and its financial stability.
Profit Making on the Secondary Market.
Whilst a dealer may be able to make profit from buying low and selling high, this is not typically available to the customer as the buy and sell prices are set by the dealers. Some trading institutions try to arbitrage the dealer prices but this is typically very difficult and requires intensive information technology investment with somewhat unquantifiable return-on-investment.
Bond Trading Styles.
There are two styles of secondary market trading. A dealer trading with a customer is referred to as dealer-to-customer (D2C) or business-to-customer (B2C) trading. This form of trading generally arises in bonds trading at prices that are tailored by the dealer for the customer and both sides agreeing to the price before the trade is agreed.
A dealer can also trade directly with other dealers. This is referred to as dealer-to-dealer (D2D), business-to-business (B2B) or inter-dealer-broker (IDB) trading. This form of trading is high-speed and ruthless with no human interaction to agree trade prices. Prices that are quoted by a dealer can be instantly traded (or aggressed ) by any other dealer. For this reason, D2D quoting must be kept in step with competitors; slow pricing can mean a dealer will trade off-market and make a loss.
Typically the electronic markets are divided into either D2D or D2C categories. A dealer requires different systems designs to handle the two trading paradigms; D2C trading is more about knowing the customer to provide accurate prices for the customer. D2D trading is about raw horse-power of the dealer’s trading system.
For reference, government quoting obligations are on D2D markets only.
Electronic bond trading allows customers and dealers to trade. However the two sides need to be brought together. This is where sales people come in; they do the work of getting the customer to negotiate with the dealer. Even though as much of the trading work-flow is performed electronically, there are still certain elements which rely on simple human dynamics. Getting customers into the “shop” is one of these.
Sales people receive commission on a per-trade basis for the customers they represent that execute trades with the dealer.
Electronic Markets.
Electronic bond trading is hosted by electronic market providers, called Electronic Communication Networks ( ECNs ). These are also termed exchanges . There are ECNs specialising in either D2D or D2C trading. Dealers and customers connect directly to the ECNs and execute trading activities via the ECN. Dealers typically connect to an ECN via an API. The API allows the dealer to receive market data available on the ECN, submit orders (D2D markets) or respond to customer negotiations (D2C markets). Customers will typically use a software application provided by the ECN to view current prices on the ECN and start negotiations. In general, ECNs take a small commission per trade executed. A dealer generally connects to multiple ECNs to have as much electronic trading presence as possible. This is common sense as the more venues a dealer has access to increases the chances of trading.
These are a few of the ECNs that exist today. It is by no means comprehensive.
Settlement.
ECNs are where trades are agreed but the actual delivery of cash for bonds or settlement happens at clearing houses. The settlement occurs at standard time frames after the trade is executed. The time frame is a convention for the bond, e. g. euro government bonds settle on a T+2 basis (i. e. 2 days after the trade is agreed). Some bonds settle for cash which means they trade and settle on the same day (T+0).
Clearing houses take on the counterparty risk of a trade. Essentially each conterparty in the trade (the buyer and seller) settles with the clearing house rather than directly with each other. Should either side fail to pay or deliver, the clearing house guarantees that the other side in the trade receives what is due. This protects each counterparty from default during trade settlement. The clearing house protects itself by requiring collateral payments from each counterparty so that there is some coverage of any debts that may arise.
In closing…
In this article, the fundamental processes and concepts used in the bond trading business have been described. With this basic understanding, the information technology can be explored and it will make sense what business process each part in the e-trading technology supports.

Ion bond trading system

January 2013- Financial Software Systems Has Been Acquired by the Ion Group.
Financial Software Systems, a global provider of Treasury Management, Capital Market and Wealth Management solutions today announced the acquisition of the company by the ION Group, a global provider of trading, capital markets and treasury solutions and services.
October 2012 - Financial Software Systems Expands Its Presence in Latin America.
Financial Software Systems ("FSS") has experienced solid growth in Latin America in 2012, adding three new clients and three "go-lives" this year. So far this year Financial Software Systems has expanded its Latin American presence in three countries, completing new licenses for its Spectrum Treasury System in Mexico for Banco Invex, for the Spectrum Wealth System in Panama for Global Bank, and for the SIAR (Sistema Integral de Analisis y Riesgo) Risk Management System in Costa Rica for Instituto Costarricense de Electricidad ("ICE").
October 2012 - Global Bank Panama Licenses the Spectrum Wealth Management System From Financial Software Systems.
Global Bank Corporation (“Global Bank”) headquartered in Panama City, Panama, has licensed the Spectrum Wealth Management System from Financial Software Systems to manage its front-office, middle-office and back-office Private Banking and Wealth Management operations. The bank began operations in June 1994, and is currently the second largest domestic Panamanian bank. Global Bank has the second largest network of branches in Panama and has assets of over USD 3 billion.
July 2012 - Commerce Bank Selects Spectrum and the Spectrum FX Client Portals From Financial Software Systems.
Commerce Bank, a leading U. S. bank headquartered in Kansas City and St. Louis, has selected Spectrum from Financial Software Systems to manage its Foreign Exchange trading activities. Commerce Bank has over USD 20 billion in assets, and serves clients in Missouri, Kansas, Illinois, Oklahoma and Colorado from over 360 locations. Commerce Bank has a long and distinguished history, tracing its founding in Kansas City back to 1865. Today Commerce Bank provides a diversified line of financial services through its affiliated companies, including business and personal banking, investments, wealth management, and financial planning.
May 2012 - Banco Invex S. A. Licenses the Spectrum Treasury System.
Financial Software Systems Inc. ("FSS"), a leading provider of integrated financial software, is pleased to announce that Banco Invex has licensed the Spectrum Treasury System to enhance its front-to-back-office Foreign Exchange dealing capabilities for Spot, Forward, and Swap contracts. Banco Invex ("Invex") is one of the fastest growing banks in Mexico. Invex Casa de Bolsa opened in 1991 and quickly expanded its business by opening a bank in 1994. In 2001 Invex further expanded by integrating Investment Funds into its financial product offerings. Headquartered in Mexico City, Invex has offices in Guadalajara, Monterrey, MГ©rida and Queretaro.
April 2012 - Oversea-Chinese Banking Corporation Limited Licenses MarginTrac.
Financial Software Systems Inc. (“FSS”), the leading provider of integrated financial software, is pleased to announce that Oversea-Chinese Banking Corporation Limited (“OCBC”) has licensed the Spectrum MarginTrac System. Named the "Best Domestic Bank in Singapore", by AsiaMoney (May 2011) and the ”World’s Strongest Bank”, by Bloomberg Markets (May 2011), OCBC will utilize Spectrum as its collateralized trading and risk system for Treasury clients in Foreign Exchange, FX OTC Options (including exotics), and Non Deliverable Forwards. Spectrum will be utilized for pre-trade and post-trade risk management, collateral management, and Treasury Sales Desk client margin and commission management. The Spectrum implementation will include full integration into OCBC’s global risk management architecture.
April 2012 - Velocity Trade Goes Live on Spectrum System for Margin Trading.
Velocity Trade licensed Financial Software Systems’ Spectrum Broker and Client Web Portal in August 2011 as an upgrade to their previous FX trade management solution. Velocity went live in January 2012 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 Client Web Portal for user driven dealing, account management and reporting was completed in a little more than three 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 Financial Software Systems’ hosting center. The two go-live events each took place over a 5 day period and were completed with no interruption to daily operations.
April 2012 - Royal Exchange Licenses Financial Software Systems' Spectrum Solution for FX Payments and Margin Trading.
Financial Software Systems, Inc. (“FSS”), the leading provider of Foreign Exchange solutions to the broker-dealer market, is pleased to announce that Royal Exchange has licensed the Spectrum Broker and Spectrum Client Web Portal solutions. Royal Exchange selected Spectrum to support its end to end FX business in Spot, Forward, Swaps, collateralized margin trading and international payments.
October 2011 - Zions Management Services Corporation Licenses the Spectrum Treasury System and Client Portal.
Zions Management Services Corporation (“Zions”) headquartered in Salt Lake City, Utah, has licensed the Spectrum Treasury System and Client Portal from Financial Software Systems. Spectrum will support all of Zions’ Treasury dealings in FX Spot, FX Forwards, FX Swaps, and OTC FX Options. Additionally, Spectrum will be used to support the bank’s banknote processing. The Spectrum Client Portal is a sophisticated internet portal for FX Dealing which will provide Zions’ clients with an internet channel for FX trading and FX payments with straight-through-processing for Zions’ back-office staff.
October 2011 - Swiss Finance Corporation Licenses Spectrum for Collateralized Margin Trading.
Financial Software Systems (“FSS”), the leading provider of Foreign Exchange solutions to the broker-dealer market in London has been selected by Swiss Finance Corporation (“SFC”), an independent brokerage firm. Founded in 1988, SFC acts as a market maker in the interbank foreign exchange and precious metals market. SFC will utilize Spectrum to support its middle-office and back-office for Foreign Exchange dealings in Spot, Forward, Non-Deliverable Forward, Vanilla and Exotic Options. SFC plans to introduce support for additional asset classes in Spectrum so that their clients will receive the margin benefits of trading across multiple asset classes.
June 2011 - Financial Software Systems Acquires TecnologГ­a, AsesorГ­a, Sistemas, S. A. de C. V.
Financial Software Systems Inc., a leading provider of portfolio management software for international financial institutions, today announced that it has acquired Tecnología, Asesoría, Sistemas, S. A. de C. V., a leading provider of treasury and risk management software and services in Mexico. The transaction was completed on June 1. Financial terms were not disclosed. Financial Software Systems (“FSS”) was founded in 1992 and serves a world-class set of Treasury, Wealth Management, Prime Brokerage, Broker-Dealer and Fund Management clients in the Americas, Europe and Asia. Tecnología, Asesoría, Sistemas, S. A. de C. V. (“TAS”) was also founded in 1992 and serves a wide range of Banks and Broker-Dealers in México and Latin America.
“The acquisition of TAS will strengthen Financial Software Systems' presence in México and Latin America and further expand our product offerings” said Gerald Thurston, President of FSS. “We welcome TAS's clients into Financial Software Systems' family. The addition of Financial Software Systems' software to the software offered by TAS will create many opportunities for TAS's existing clients and for new clients throughout Mexico and Latin America. ” FSS fully supports Foreign Exchange, Money Market, Bond, Equity and Derivative instruments. FSS's Spectrum Treasury System provides front-office, middle-office, and back-office processing, along with a robust suite of internet portals and web-publishing capabilities. FSS is also the world’s leading supplier of real-time credit and collateralized trading software through its MarginTrac system.
May 2011 - Multibank Licenses the Spectrum Treasury System.
Multibank, Inc. (“Multibank”) has licensed the Spectrum Treasury System from Financial Software Systems to manage its front-office, middle-office and back-office Treasury operations. Multibank is headquartered in Panama City, Panama, and will use Spectrum to manage all aspects of transaction processing for the following instruments: Spot-Forward-Swap FX Contracts, Non-Deliverable Forwards, Vanilla OTC FX Options, Interest Rate and Commodity Futures, Fixed Rate and Floating Rate Money Markets, Bonds, and Equities.
Multibank is the third largest Panamanian Bank, with assets of almost USD 2 billion, and a network of over 20 branches in Panama. Multibank offers credit, investment, savings and intermediation services to individuals and businesses in Panama and in twelve other countries in Central and South America. Multibank has a significant presence in Colombia, with over 35 branches in 20 cities for its subsidiary company, Macrofinanciera. Multibank will benefit from the use of Spectrum by automating all processes in its Treasury department as well as the trading activities from its affiliated brokerage company, Multi Securities, Inc.
February 2011 - R. J. O'Brien Selects Spectrum From Financial Software Systems.
Financial Software Systems, the leading provider of Risk and Portfolio Management Software announced that R. J O’Brien (“RJO”) has selected the Spectrum System. Chicago-based RJO will utilize Spectrum to enhance its front-to-back-office Foreign Exchange dealings in Spot, Forward, Non-Deliverable Forward, Swap, and Option contracts. Spectrum provides RJO with a highly automated platform for conducting collateralized trading activities with its FX clients around the globe. RJO clients will be able to view all of their FX trade positions and margin capacity in real time over the internet via the Spectrum FX Reporting Portal. Financial Software Systems will deliver Spectrum to RJO using its Software-as-a-Service (“SaaS”) capabilities from its SAS 70 Certified hosting facility in Pennsylvania.
February 2011 - Bank of Singapore Licenses Spectrum from Financial Software Systems.
Financial Software Systems, the leading provider of integrated wealth management, treasury and capital markets software, today announced that Bank of Singapore has licensed the Spectrum System for its Singapore and Hong Kong branches. Bank of Singapore has been named the "Best Private Bank in Singapore in 2010". Spectrum will act as Bank of Singapore’s new global collateralized trading solution for Foreign Exchange, FX Options and Non-Deliverable Forwards. Spectrum will be utilized for front-office and middle-office processing including deal capture, real-time margin limits and exposure management, as well as multi-lingual confirmations and consolidated customer statements.
Joseph Kubeyka, Managing Director of Financial Software Systems, Asia Pacific noted, "We are very excited to partner with one of the leading Private Banks in the world. Bank of Singapore’s selection of Financial Software Systems and Spectrum further validates our leading position in the Asia Pacific financial technology market, and the Private Banking sector in general. ”.
Janaury 2011 - IDB Bank Licenses The Spectrum Treasury System.
IDB Bank® has licensed the Spectrum Treasury System from Financial Software Systems (“FSS”) to integrate its trading activity onto a single platform. IDB Bank® is the 14th largest commercial bank in the New York Area and a member of the FDIC. The bank provides a complete range of personal and commercial banking services for both domestic and international clients. IDB Bank® is a subsidiary of Israel Discount Bank, Ltd., headquartered in Tel Aviv, and one of the three largest banks in Israel.
Spectrum Treasury is a comprehensive position management solution offering complete trade lifecycle management. Spectrum Treasury supports multiple asset classes including foreign exchange, money market instruments, fixed income instruments, equities and derivatives.
January 2011 - Financial Software Systems Opens Latin American Support Office and Appoints Mr. Bojan Baros as Director.
Financial Software Systems, a global provider of Treasury and Capital Markets software, including the Spectrum Treasury System and the MarginTrac System, announces the opening of its Latin American implementation and support office in Guayaquil, Ecuador. В The mandate for the Guayaquil office is to support Financial Software Systems' Latin American clients and coordinate large scale software implementations in the LATAM region. В Mr. Bojan Baros has been appointed head of the LATAM implementation and support office. В Mr. Baros has 10 years of experience with Financial Software Systems in a variety of roles, including as a Software Engineer and as an Implementation Project Manager. В As an Implementation Project Manager Mr. Baros successfully led international Spectrum implementations, including international implementations for Standard Chartered Bank and Credit Suisse. В From the Guayaquil office Mr. Baros will lead a team of Project Managers and Business Analysts, and will coordinate all Latin American implementation and software support efforts.
December 2010 - Capital G Bank Limited Licenses the Spectrum Treasury System.
Capital G Bank Limited, headquartered in the City of Hamilton, Bermuda, has licensed the Spectrum Treasury System from Financial Software Systems to manage its foreign exchange, money market and interest rate hedging activities.
Capital G Bank is privately held and provides personalized wealth management services for personal banking, business banking and private banking customers. Capital G Bank is Bermuda's newest bank and is one of only four licensed banks in Bermuda. In 2001 Capital G Bank was the first company to be licensed under Bermuda's 1999 Bank and Deposit Companies Act. Although Capital G Bank is newly licensed, the bank has more than 60 years of banking and lending experience in Bermuda. The bank provides a wide range of financial services including deposit and loan products denominated in both U. S. and Bermuda Dollars. Since receiving its banking license Capital G Bank has recorded ten consecutive years of growth.
November 2010 - Banca Mifel Licenses the Spectrum Treasury System.
Banca Mifel has licensed the Spectrum Treasury System from Financial Software Systems to manage its international foreign exchange, money market and bond trading activities. Banca Mifel will implement Spectrum in its headquarters office in Mexico City.
With a corporate heritage dating back to the 1950s, Banca Mifel began offering formal banking services in Mexico in 1994. Today Banca Mifel has over 30 offices across Mexico, and has established a reputation for high quality and personalized service. Banca Mifel offers a broad range of financial products including loans, investments, savings and checking accounts, FX services and interest rate risk hedging products. In its Treasury Banca Mifel will use Spectrum to manage its issuance of promissory notes, bonds, and certificates of deposit. Banca Mifel will also use Spectrum to manage its trading activities in international government and corporate bonds, call money, Interbank Equilibrium Interest Rate (TIIE) auctions, repo transactions, and foreign exchange.
October 2010 - Jose Carlos Passaretti and Antonio Vinhas’ Clearview Consulting and Financial Software Systems Announce a Partnership to Expand the Distribution of the Spectrum Treasury, Capital Markets and Private Banking System in Brazil.
Financial Software Systems (“FSS”), producer of global Treasury and Private Banking software, announces a partnership with Clearview Consulting Ltda (“Clearview”).a leading provider of management consulting and customer support services to financial institutions in Brazil.  Clearview Consulting was founded by Jose Carlos Passaretti (former executive from Cambio and Treasury Operations from Banco Fibra), and Antonio Vinhas former Chief Information Officer from Deutsche Bank S. A. The partnership agreement was completed on June 21, 2010.
The combination of Financial Software Systems and Clearview will provide many opportunities for Brazilian banks to expand their treasury and private banking capabilities and offerings.  FSS’ products fully support the entire Spectrum of treasury and capital markets instruments for both cash and derivatives, including FX, Money Market instruments, Bonds and Equities.  Spectrum provides full front, middle, and straight-through back-office processing, along with a robust suite of internet portals and web-publishing capabilities.  Spectrum fully supports the treasury, capital markets and private banking activities of the bank as well as the activities of the bank’s customers.
October 2010 - Jameson Bank Licenses the Spectrum Treasury System and the Spectrum FX Reporting Portal.
Jameson Bank ("Jameson"), headquartered in Toronto, has licensed the Spectrum Treasury System and the Spectrum FX Reporting Portal from Financial Software Systems. Jameson will use Spectrum to manage all of its Trading and Treasury activities.
Jameson will use Spectrum to manage its FX spot, forward, swap trading and client vostro accounts. For front-office traders, transactions captured in Spectrum are instantly reflected in Spectrum's real-time position, P&L, cash flow and currency risk blotters. In the middle-office Spectrum will provide real-time credit risk management through pre-trade and post-trade credit limit checks. Jameson will also utilize Spectrum’s collateralized trading module to support clients that trade on an enhanced-credit basis. Spectrum's real-time collateralized trading module continuously calculates clients' margin requirements and will automatically prepare margin calls as needed.
July 2010 - Financial Software Systems Appoints Joe Kubeyka Managing Director, Asia Pacific Region.
Financial Software Systems, the producer of global Treasury and Wealth Management software,
announces the appointment of Joseph Kubeyka as its Managing Director, Asia Pacific Region. Mr.
Kubeyka will be working from Financial Software Systems' Asia Pacific Regional Headquarters in.
April 2010 - Brown Brothers Harriman Licenses the Spectrum Treasury System along with the Spectrum PARQ Module.
Brown Brothers Harriman & Co. (“BBH”), headquartered in New York City, has licensed the Spectrum Treasury System from Financial Software Systems. BBH will leverage Spectrum to enhance its front-to-back office Foreign Exchange (FX) dealings in Spot, Forward, Non-Deliverable Forward, Swap, and Option contracts. The Spectrum PARQ (Pricing, Aggregation, Routing & Queuing) module will provide automation for dealing with BBH’s global clients’ FX needs. The implementation will incorporate the Spectrum FX Dealing Portal, which will create a seamless straight-through-processing channel for BBH clients’ FX trading.
February 2010 - Banco Continental BBVA Licenses The Spectrum Treasury System.
Banco Continental BBVA ("Banco Continental"), headquartered in Lima, Peru, has licensed the Spectrum.
Treasury System from Financial Software Systems to manage its Treasury, Capital Markets, Private.
Banking, and Mutual Fund activities. Banco Continental is Peru’s second largest bank, and one of the.
fastest growing financial service providers in South America. Banco Continental has assets of.
approximately USD 11 billion, and has over 230 branches throughout Peru. The bank is about 46 percent owned by Banco Bilbao Vizcaya Argentaria ("BBVA"), headquartered in Bilbao, Spain. BBVA is one of the largest banks in the world, with assets of over USD 700 billion, and operations in over 40 countries. Banco Continental is fully integrated into BBVA's global network.
January 2010 - Financial Software Systems Appoints Steven Mills to Head Global Sales.
Financial Software Systems, the producer of global Treasury and Private Banking software, announces the appointment of Steven D. Mills as its Senior Vice President for Global Sales & Marketing. В Mr. Mills will be working from Financial Software Systems' headquarters offices in Horsham, Pennsylvania, a suburb of Philadelphia. Mr. Mills joins Financial Software Systems from Misys plc, where he was most recently the Treasury & Capital Markets Business Development Manager for the Americas Region. В Steve was instrumental in building the treasury and capital markets businesses for Misys in North and South America and Europe over the past 12 years.
December 2009 - Credit Industriel Et Commercial Licenses MarginTrac.
Credit Industriel et Commercial ("CIC") has licensed the MarginTrac system from Financial Software Systems for use in its Singapore Branch. CIC will use MarginTrac to manage all aspects of collateralized foreign exchange trading for its expanding Asian Private Banking business.
CIC is the fourth largest banking group in France, with over 2,100 branches, total assets of over EUR 250 billion, and a staff of over 24,000. CIC established its Asia Pacific headquarters in Singapore in 1984, and has offices in all major cities across Asia, including Beijing, Hong Kong, Jakarta, Shanghai, Sydney and Tokyo. From its Singapore headquarters CIC offers a wide range of banking products and services, including Private Banking, Corporate Banking and Structured Finance and Treasury services. CIC-Singapore offers its clients across Asia a full range of Treasury products, including foreign exchange, money-market, fixed-income, structured products, and derivatives. All settlement, custodian and other back-office functions across Asia are centralized in CIC's Singapore branch.
November 2009 - Bank Of Oklahoma Licenses The Spectrum Treasury System And The Spectrum FX Dealing Portal.
Bank of Oklahoma (“BOk”), headquartered in Tulsa has licensed the Spectrum Treasury System from Financial Software Systems. Spectrum will support all of BOk’s Treasury dealings in FX Spot, Forward and Swap contracts, and OTC FX Options. Additionally, Spectrum will be used to support the bank’s growing Interest Rate Derivatives business, with support for Interest Rate Swaps, Caps-Floors-Collars and Swaptions. The Spectrum implementation will include a sophisticated internet portal for FX Dealing which will allow BOk's clients to have an internet channel for FX trading and FX payments with straight-through-processing for BOk's back-office staff.
September 2009 - Financial Software Systems Acquires Spot Systems.
Financial Software Systems Inc., a leading provider of portfolio management software for international.
financial institutions, today announced that it has acquired Spot Systems, Inc., a leading provider of FX.
management software and services. The transaction was completed on September 24. Financial terms.
were not disclosed. Financial Software Systems (“FSS”) was founded in 1992 and serves a world-class.
set of treasury, private banking, prime brokerage, broker-dealer and fund management clients in the.
Americas, Europe and Asia. Spot Systems (“Spot”) was founded in 1983 and serves a wide range of.
banks in North America.
August 2009 - Standard Chartered Bank "GOES LIVE" With Spectrum Private Banking Solution.
Standard Chartered Bank's Consumer Banking and Wealth Management Group ("SCB") has implemented the Spectrum Private Banking solution from Financial Software Systems. This successful project expands SCB's Private Banking business following the acquisition of American Express Bank in February 2008. Spectrum Private Banking is a comprehensive solution for managing client accounts and trades, and the bank's global private banking operations. SCB is using Spectrum Private Banking to manage its collateralized crossproduct trading business. With this deployment, Spectrum has become the first commercial implementation of a real-time, cross-product margining solution in the private banking sector.
June 2009 - Cantor Fitzgerald Licenses Financial Software Systems' Spectrum System.
Cantor Fitzgerald ("Cantor") has licensed Financial Software Systems' Spectrum System for managing all of its FX and FX margin trading activities in its dealing rooms in London, Hong Kong, Toronto and Tel.
Aviv. Cantor will use Spectrum's front-office, middle-office and back-office functionality to process all.
aspects of its FX spot, forward, swap and non-deliverable forward trading, from deal capture in the front Soffice, to producing confirmations, payments and general ledger accounting entries in Spectrum's back office. Cantor will also use Spectrum's powerful credit and collateral engine to monitor and control.
counterparty exposures and risks.
April 2009 - Banco de Credito Panama Helm Financial Services S. A. Licenses The Spectrum Treasury System and The Spectrum Reporting Portal.
Banco de CrГ©dito Helm Financial Services has licensed the Spectrum Treasury System from Financial Software Systems for managing its Treasury activities in Panama, Colombia and the Cayman Islands. Banco de CrГ©dito Helm Financial Services ("BDC") is headquartered in Bogot, Colombia, and is one of the fastest growing financial services groups in Colombia. BDC has 39 offices throughout Colombia, and has international operations in Venezuela, Panama, the Cayman Islands and the United States. BDC provides a wide range of international banking and private banking services, primarily through its 100 percent owned affiliate, Banco de CrГ©dito Helm Financial Services, Panama S. A. Financial Software Systems will install Spectrum in BDC's offices in Panama City, Panama.
February 2009 - Signature Bank Licenses The Spectrum Treasury System and The Spectrum Portal.
Signature Bank, headquartered in New York, has licensed the Spectrum Treasury System from Financial Software Systems. The implementation will incorporate the Spectrum FX Dealing Portal, which allows.
banks and clients a direct channel for trading with straight-through-processing of transaction Confirmations and Payments. Additionally, the Spectrum Bond Sales Portal will be used by investment managers at.
Signature Securities offices to augment investment capabilities for their clients. Signature will utilize hosting services provided by Financial Software Systems, which will provide the full functionality of.
Spectrum to Signature Bank as a completely hosted solution.
January 2009 - Square 1 Bank Licenses The Spectrum Treasury System and The Spectrum Portal.
Square 1 Bank, headquartered in Durham, North Carolina, has licensed the Spectrum Treasury System.
from Financial Software Systems. Spectrum will support all of Square 1 Bank's Treasury dealings in FX.
Spot, Forward, and Swap contracts, as well as in FX OTC Currency Options and Money Market.
instruments. Square 1 Bank has also licensed the Spectrum Portal, which allows banks and clients to have a.
direct channel for trading with straight-through-processing of transaction Confirmations and Payments.
Financial Software Systems will provide Spectrum to Square 1 Bank as a completely hosted solution.
December 2008 - Financial Software Systems Appoints Gaston Peralta to Head Latin America Sales.
Financial Software Systems, the global treasury and private banking portfolio software company, announces the appointment of Gaston E. Peralta as its Sales Manager for Latin America and the Caribbean. Gaston has established FSS sales operations in Miami.
October 2008 - London Capital Group "Goes Live" with MarginTrac from Financial Software Systems.
After a very efficient and focused implementation effort, London Capital Group ("LCG") has placed Financial Software Systems' ("FSS") MarginTrac system into production. LCG licensed MarginTrac in June, 2008, and began managing all of its foreign exchange trading activities in MarginTrac before the end of September. MarginTrac is a comprehensive Client Relationship Management system for foreign exchange, fixed income, equities and precious metals trading. LCG is using MarginTrac to manage its trading of FX spot, forward, and swap contracts.
June 2008 - Financial Software Systems Licenses MarginTrac to London Capital Group.
London Capital Group ("LCG"), a rapidly growing financial services company specializing in online trading, has licensed the MarginTrac system from Financial Software Systems. Headquartered in London, LCG provides a range of financial services to both retail and institutional clients. LCG provides online foreign exchange trading services to institutional and intermediate clients under the Capital Forex brand. Under the trading name of Capital Spreads, LCG provides spread betting products to retail clients. LCG also provides institutional brokerage services for derivatives under the name Capital Derivatives.
April 2008 - Standard Chartere Bank Licenses Spectrum Treasury System.
Following its acquisition of American Express Bank on February 29, 2008, Standard Chartered Bank has extended its software license for Financial Software Systems' Spectrum Treasury System. Standard Chartered Bank has licensed 14 additional sites for the Spectrum system, and has engaged Financial Software Systems to expand and customize Spectrum to meet the needs of the bank's rapidly growing Private Banking business. The 14 additional Spectrum sites licensed by Standard Chartered will complement the bank's initial Spectrum implementations in Hong Kong, Jersey and Singapore.
January 2008 - Volksbank Romania Licenses Spectrum.
Volksbank Romania SA has licensed Financial Software Systems' Spectrum Treasury System. Volksbank Romania ("VBR") will install and utilize Spectrum at its headquarters office in Bucharest.
October 2007 - L'udova Banka Licenses Spectrum.
Ludova Banka, headquartered in Bratislava in the Slovak Republic, has licensed Financial Software Systems' Spectrum Treasury System, including the integrated module to support collateralized trading of foreign exchange instruments. Ludova Banka will utilize Spectrum for front-office, middle-office and back-office Treasury operations.
August 2007 - RZB Austria Licenses MarginTrac.
Raiffeisen Zentralbank Osterreich AG (RZB-Austria) has selected Financial Software Systems'MarginTrac system to manage its foreign exchange margin trading business. RZB-Austria will utilize MarginTrac in its Singapore Branch covering Asia Pacific.
July 2007 - Lehman Brothers Licenses Spectrum.
Lehman Brothers, the New York-based investment bank, has licensed the Spectrum System from Financial Software Systems. Lehman Brothers will initially use Spectrum in its New York and London offices to manage collateralized trading of foreign exchange instruments, and to publish position and profit-and-loss data to its clients over its highly regarded LehmanLive internet platform.
July 2007 - Volksbank Hungary Licenses Spectrum Treasury System.
Volksbank Hungary Private Ltd. ("Volksbank") has licensed Financial Software Systems' Spectrum Treasury System, including the integrated module to support collateralized trading of foreign exchange instruments. Volksbank will immediately install the Spectrum software in its headquarters office in Budapest.
October 2006 - FIXI PLC Licenses MarginTrac.
FIXI PLC ("FIXI"), a new London-based investment house, which will specialize in the trading of commodities, financial futures & options, and the complete range of over-the-counter FX products, has licensed Financial Software Systems' MarginTrac trading and portfolio management system. FIXI is currently seeking regulatory approval from the U. K.'s Financial Services Authority to advise clients on investments, arrange deals in investments for clients, and deal in investments as both an agent and as a principal. FIXI will also seek regulatory approval to hold and control client money. FIXI's business plan calls for the firm to serve a diversified client base that includes corporations, financial institutions and high net worth individuals.
July 2006 - Prudential-Bache Licenses Spectrum Treasury System.
Prudential-Bache Global Markets, a unit of Prudential Financial, Inc. ("Prudential"), has licensed Financial Software Systems' Spectrum Treasury System for use in its London and New York offices.
March 2006 - Marex Licenses Spectrum Treasury System.
MAREX Financial Limited has selected Financial Software Systems' Spectrum system to manage all aspects of its foreign exchange trading business. MAREX Financial Limited will utilize Spectrum in its London and Geneva offices.

Company Overview of Ion Bond, LLC.
Company Overview.
Ion Bond, LLC provides biocompatible thin film physical vapor deposition (PVD) coatings for medical devices. The company offers chemical vapor deposition and plasma assisted CVD coatings. Its coating services include technical consultation, application development, custom fixture design, and custom coating development. The company was founded in 1979 and is based in Madison Heights, Michigan. Ion Bond, LLC operates as a subsidiary of Ionbond AG.
1823 East Whitcomb.
Madison Heights, MI 48071.
Key Executives for Ion Bond, LLC.
Ion Bond, LLC does not have any Key Executives recorded.
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