Trace Financial is partnering with Class Actions Limited in an effort to add value to its corporate actions product Cams.
Established in 2001, Class Actions Limited advises European firms of the opportunity to claim funds that have already been awarded to them by the US courts in class action securities suits. The company operates a dedicated support infrastructure, Magenta One, which employs operational, IT and legal experts to maintain up-to-date information and filing and tracking of claims on behalf of clients.
The alignment with Class Actions comes during a difficult period for the UK-based Trace Group, which recently reported a near-£5 million decline in annual turnover - entirely attributable to the financial markets businesses Trace Financial and Trace Datawise.
Trace Financial had hoped to generate significant revenues from the Cams product, but currently cites only three live users and blames a lack of budget at prospective clients for missed sales targets.
At Sibos, the company will be demonstrating Transformer, a new messaging product based around J2EE technology, which complements flagship message broker system, Cloverleaf, by providing message transformation and data dictionary functionality.