Chicago-based trading firm First Continental Trading Group (FCT) has gone live with Ubitrade's Futures and Options back office derivatives processing system.
France-based Ubitrade says the product replaces SunGard Securities Processing's GMI software.
Futures and Options is part of a complete STP solution for listed derivatives and the system's book keeping module will be used by FCT at offices in Chicago, London and Gibraltar.
Michael Rathberger, executive vice president, treasurer of FCT Group, says the application can be integrated with existing platforms and provides all users with access to underlying data.
"Before, accessing trade data was IT intensive, now it is controlled through the departments," he adds.
Eric Wicart, managing director, Ubitrade says FCT Group is the firm's first CME clearing member client and the contract shows that Ubitrade is a viable alternative to the existing 'duopoly' on the US market.