Bridge eMarkets, a subsidiary of Bridge Information Systems, has signed a global licensing and distribution agreement with Velocity Systems International (VSI), developers of internet-based foreign exchange and money market transaction applications.
Bridge eMarkets works with international financial institutions to create and operate order and trade management systems. It offers a range of proprietary Bridge applications as well as third party applications it has licensed and acts as an Application Service Provider (ASP), delivering a range of connectivity and hosting solutions.
Through the agreement, Bridge eMarkets will offer a private-labelled version of V-FX / FX Trader, VSIs flagship internet-based solution that enables bank treasury departments to price, execute, confirm and manage foreign exchange trading with their customers and branch offices.
The two companies have been collaborating for the past six months and say they have already jointly secured new clients. VSI has a superior technical solution, with several established sites with large banks operational for nearly a year, says David Rutter, CEO of Bridge eMarkets of the companies decision to license the FX trading solution.
Bridges use of the SAVVIS Communications network is an ideal springboard with which to provide client banks an immediate ASP solution for foreign exchange, and in the near future more advanced money market products, says Velocity CEO Jim Nuzum.
Velocity is also working on V-MM, a component-based money market dealing application that is scheduled for release early this year. This will also likely be licensed by Bridge eMarkets.
We see an ASP-style offering, powered by Velocity, as a natural fit for the regional bank sector globally and an integral element of our broader distribution strategy going forward, says Nuzum.
Besides the new licensing agreement with VSI, Bridge eMarkets also has partnerships with Orc Software - together they are developing an online futures and options trading system - and Prescient Markets, with whom it has launched cpmarket.com, an internet-based platform that enables institutions to buy commercial paper directly from multiple issuers. Bridge eMarkets is also a partner, along with Citigroup, Deutsche and HSBC, in BondsInAsia.com, a company thats setting up electronic bond trading platforms for various Asian markets.