LONDON, March 15, 2012 /PRNewswire/ -- FFastFill plc
(LSE: FFA), the leading provider of Software as a Service
(SaaS) to the global derivatives community, announced
today that it is partnering with New York Portfolio Clearing,
LLC (NYPC), the innovative clearing platform for fixed income
derivatives, to provide the technology, hosting and support for the
NYPC PRIME™ Portfolio Risk Interactive Margin Estimator.
FFastFill will deliver the NYPC Value-at-Risk (VaR) calculator
that estimates the "one-pot" margin savings that clearing members
can achieve for proprietary interest rate futures cleared at NYPC.
FFastFill will also deliver certain cash positions cleared at the
Fixed Income Clearing Corporation (FICC) subsidiary of The
Depository Trust & Clearing Corporation (DTCC), as a SaaS
solution from its global network of managed data centres.
NYPC is a joint venture between DTCC and NYSE Euronext ("NYX"),
and was created to deliver unique capital efficiencies to the
market by margining a clearing member's risk on a portfolio basis
across related cash fixed income and derivative positions. For more
information, please visit: www.nypclear.com /
http://www.nypclear.com/sites/default/files/FAQ_nypcprime.pdf .
Hamish Purdey, CEO of FFastFill,
said: "We are pleased to have been selected by NYPC to deliver the
PRIME™ service as a SaaS solution. NYPC PRIME™ builds on
FFastFill's expertise in risk management across all areas of the
trade flow and allows us to deliver this innovative technology to a
growing market."
Ira Krulik, Chief Operating
Officer, NYPC said: "Working with FFastFill has allowed us to
deliver a highly functional tool in a short period of time. We were
impressed with the turnaround time and quality of the delivery, and
we look forward to working with FFastFill to provide a highly
reliable VaR platform for our customers."
About FFastFill
FFastFill is the leading provider of Software as a Service to the
global derivatives community using the latest developments in
technology to automate trade flow processes across a firm's front,
middle and back offices. FFastFill's solutions encompass electronic
order routing, clearing, risk management and back office as part of
an integrated, yet modular system architecture. FFastFill is traded
on London's AIM (AIM: FFA).
Further information on FFastFill is available at
www.ffastfill.com.
About NYPC
New York Portfolio Clearing, LLC (NYPC) is registered as a
U.S. Derivatives Clearing Organization with the Commodity Futures
Trading Commission. NYPC clears interest rate products and supports
the cross-margining of fixed income cash products cleared by The
Depository Trust & Clearing Corporation's Fixed Income Clearing
Corporation with their related, offsetting derivatives trades in a
"single pot". For more information, please visit: www.nypclear.com.
About DTCC
The Depository Trust & Clearing Corporation (DTCC),
through its subsidiaries, provides clearance, settlement and
information services for equities, corporate and municipal bonds,
government and mortgage-backed securities, money market instruments
and over-the-counter derivatives. In addition, DTCC is a leading
processor of mutual funds and insurance transactions, linking funds
and carriers with their distribution networks. DTCC's depository
provides custody and asset servicing for more than 3.6 million
securities issues from the United
States and 121 other countries and territories, valued at
US$36.5 trillion. In 2010, DTCC
settled nearly US$1.66 quadrillion in
securities transactions. DTCC has operating facilities and data
centers in multiple locations in the
United States and overseas. For more information, please
visit www.dtcc.com.
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of
financial markets and provider of innovative trading technologies.
The company's exchanges in Europe
and the United States trade
equities, futures, options, fixed-income and exchange-traded
products. With approximately 8,000 listed issues (excluding
European Structured Products), NYSE Euronext's equities markets—the
New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext
and NYSE Arca—represent one-third of the world's equities trading,
the most liquidity of any global exchange group.
NYSE Euronext also operates NYSE Liffe, one of the leading
European derivatives businesses and the world's second-largest
derivatives business by value of trading. The company offers
comprehensive commercial technology, connectivity and market data
products and services through NYSE Technologies. NYSE Euronext is
in the S&P 500 index, and is the only exchange operator in the
S&P 100 index and Fortune 500. For more information, please
visit: http://www.nyx.com.
SOURCE FFastFill plc
