European broker HPC group is to launch an electronic trading platform, atenX, for banks active in the European money markets. Initially, the system will be used for the real-time processing of short-term swaps, and will gradually be extended to include negotiable debt instruments such as certificates of deposit and commercial paper.
HPC has chosen Paris-based Coba Technologies to develop the new trading platform and financial extranet Radianz to deliver the service to banks across Europe.
Scheduled to go live within a few months, HPC says atenX, will be distributed to 103 banks in the United Kingdom, France, Germany, Benelux, Spain, Italy, and Austria.
Selected by HPC from a list of ten bidders, Coba's NetDealing matching engine is to be used to provide real time price publication and trade execution while also handling credit limits pre-checking.
HPC says NetDealing made the grade because it is already developed for swaps trading. It is now being adapted specifically for HPC's short-term swaps requirement.
Frederic Metz, CEO of HPC, comments: "Speed is crucial in the short term financial products market as the exact timing of a deal can have a significant impact on the return on investment."
The result of a merger between several investment brokers in Paris, London and Frankfurt, the HPC group specialises in the intermediation of short-term products, off-balance-sheet and refinancing operations.