30 Aug 2002: Penson Opts for Ubitrade XML-Based Derivatives System

Montreal-based Penson Financial Services Canada, Inc. is purchasing the Ubitrade futures and options solution for the straight-through-processing (STP) of derivatives contracts. The system is based on Oracle, C++, HTML and XML.
Penson was looking for a system to support their client activity as the result of its recent move into the clearing of futures transactions in Canada. The firm chose Ubitrade after an extensive comparative study.

Sylvain Perreault, president and CEO of Penson client the Jitney Group, commented: “We needed a professional system that can support our back-office operations. Penson ran a comparative study and Ubitrade Futures and Options turned out to be the best match to the requirements of companies such as ours. Its multiple clearing levels will allow us to provide back-office services to our clients. Ubitrade Futures and Options also has extensive web capabilities that fit well in our future strategy to serve our clients over the Internet.”

Didier Bouillard, chief executive officer of Ubitrade, said: “We are hopeful this deal will encourage other North American exchange members to review their current arrangements and demand a product that fully meets their needs. A strong and reliable back-office package is necessary to successfully support and develop our clients’ activities. Ubitrade Futures and Options offers a cost-effective, easy-to-tailor, and highly flexible solution.”

Ubitrade is a leading supplier of advanced systems solutions for trading, risk management, and back-office systems in capital markets to over 12 clients in 20 countries. Ubitrade Futures and Options is an STP solution for listed derivatives on all major world futures markets. It features order-routing including preemptive risk management, post-execution risk management, back-office processing and Internet access for end users.