FNX is teaming up with California's NextSet to develop an integrated order management system capable of supporting online and traditional voice brokerage.
Under the agreement, FNX and NextSet will work together to enhance FNX's Sierra Quantum order management system to support a wider variety of financial products in a fully Java-based, Web-enabled, order management system.
The combined product will use NextSet's TradeSpace transaction automation platform technology and will integrate with FNX's Sierra product to provide end-to-end transaction based straight-through processing (STP).
The companies say the new product will feature N-to-N architecture, allowing multiple customers on both sides of a transaction to interact with each other, making it suitable for the growing body of consortium or multi-participant trading exchanges.
Farid Naib, Founder and CEO of FNX Limited, says: "The decision to partner with NextSet is evidence of FNX's commitment to the ongoing expansion of our STP capabilities, extending the concept of STP to the retail side including Internet trading."
Simon Yencken, a former Tibco employee and CEO and founder of NextSet says he expects the multi-year agreement to provide significant revenues for both companies beginning in 2001 from existing and pending clients.