Patsystems Plc

From MarketsWiki
Revision as of 15:55, 31 January 2008 by KatherineBradford (Talk | contribs)

Jump to: navigation, search
Patsystems Plc
Patsystems logo.gif
Founded 1994
Headquarters London, with offices in Chicago, New York, Singapore, Tokyo, Sydney, Hong Kong
Key People Stewart Millman, chairman/non-executive director; David Webber, chief executive
Products trading solutions provider
Website www.patsystems.com

Patsystems[1] is a trading-solutions provider best known for its globally distributed J-Trader front-end trading screen. Patsystems is an AIM-listed company incorporated in England and Wales (registered under number 4498002).

Template:Patsystems Ad 1

Patsystems also offers an extensive network of exchange connectivity, risk management solutions and an API for third-party solutions providers. Patsystems matching engine powers six exchanges globally, including National Commodity Exchange Limited (NCEL).[2]

Patsystems provides trading software for more than 10,000 users through hundreds of brokers around the world. More than 50 firms deploy Patsystems technology, including eight of the top ten FCMs.

The company floated on the London Stock Exchange in March 2000 and re-listed on the Alternative Investment Market in February 2003.

Patsystems offers clients a choice of three front ends. Besides the well-known J-Trader, the company has more recently introduced Pro-Mark and IQ Trader.

Patsystems provides tailored solutions targeted at different types of client, including solutions for retail traders, professional traders, API specialists, and risk managers.

Products

  • J-Trader, created in 1999, followed a resident application version with similar functionality. It is one of the most widely used front ends in the derivatives trading business and provides direct access to all the leading exchanges. J-Trader offers multi-market, real-time trading worldwide, as well as pre-trade risk management and the trading of futures, options and forex all on one screen.
  • Pro-Mark is an advanced application designed for professional, high-volume traders. It was built for high speed trading, in particular of complex strategies such as multi-leg spreads. Pro-Mark's key features include intuitive trading and intelligent order management, sophisticated spreading tools, Excel integration, technical charting, and advanced options functionality.
  • IQ Trader is designed for technical traders (chartists). It contains tools that analyze and interpret markets to help traders choose the best strategies, enabling them to perform sophisticated operations without needing programming skills. It offers fast, easy backtesting and guarantees seemless automation. It also connects to a large number of data providers.
  • Screen2pit links electronic markets with open outcry markets, providing access to markets and products previously unavailable to the online trader.
  • Risk Informer provides sophisticated, real-time risk management across all asset classes. It calculates margin requirements and aggregates trades on a real-time basis, giving a consolidated view as the client trades. The result is a comprehensive picture of risk to satisfy the needs of all traders and risk managers.
  • Risk Monitor is Patsystems’ newly implemented pre-trade risk management solution. Risk Monitor offers clients the ability to configure and manage an extensive set of comprehensive risk checks, helping to prevent risk before the trade even takes place.
  • Patsystems X-link is a software product that allows customers to trade on remote exchanges without becoming a member. It is not a fixed network; rather it bridges separate Patsystems trading domains and systems, for example letting a customer trade on a Chicago system and a London system at the same time.
  • Patsystems API[3] is a full-function interface to Patsystems' trading system; Patsystems uses it to service its own front-ends. The API can be used by third parties who want to write their own front end to their exact requirements, or traders who want to integrate with charting packages or algorithmic trading systems. Parties who are are familiar with the Financial Information Exchange (FIX) protocol, the industry's leading protocol for financial trading interfaces, can connect to Patsystems' FIX Trading Gateway, which supports an extended FIX.4.2 message set. FIX allows parties to run on whatever platform they desire.

Exchange Connectivity

Patsystems is connected to 53 exchanges, electronic trading platforms and trading floors worldwide.

Recent Initiatives

Global Trading Solution

Macquarie Bank Futures Division will be the first to deploy Patsystems Global Trading, which will provide customers with a global order book that allows them to manage trades and trade processing. Patsystems will host the solution and deploy it to Macquarie Bank's offices and clients globally. The Trading Core will support non-stop trading: 24 hours per day, 6.5 days a week.

Connectivity with CFE

On October 15, 2007, the CBOE Futures Exchange, LLC (CFE) announced it would provide connectivity to Calyon Financial through Patsystems, enabling Calyon Financial's customers access to all CFE products, including futures on the well-known CBOE Volatility Index (VIX).

History

Patsystems was founded in 1994 by a group of derivatives traders and technology professionals at a time when the futures markets were beginning to migrate from physical trading floors to an electronic model. Tom Theys, a former floor trader, designed the Patsystems software while working at Liffe. The idea was based around a hand-held device that would put orders into other markets with an interface that would connect the hand-held to the DTB (the forerunner to Eurex) to facilitate arbitrage with Liffe. That led to offering clients direct access to exchanges through the internet; the software Theys designed would then be distributed to locals in dealing rooms or in their homes. Unlike other ISVs at the time, Theys and the other Patsystems founders were interested in bringing direct access to retail as well as institutional customers.

Eventually, the company was approached by Investec, a South African bank that wanted to take Patsystems public, which it did. Patsystems raised $80 million in an IPO in March 2000. Theys left Patsystems in 2003.

  • Acquired Tamesis August 2005. The acquisition gave Patsystems access to real-time trade capture, valuation and risk management systems for the structured finance and credit derivatives market.
  • Maiden dividend declared in 2007 [4]

People

David Webber[5] joined the company as CEO in January of 2006, replacing Kevin Ashby. Webber was formerly the chief executive of AttentiV Systems Group. At AttentiV Systems he led a management buyout and public flotation on AIM. AttentiV Systems Group Plc was acquired by TietoEnator in May 2005.

Webber has been a member of the Institute of Chartered Accountants since 1989 and holds a BSc (Economics) from the London School of Economics.

References

  1. Patsystems Website. Patsystems PLC.
  2. Exchange Solutions. Patsystems Plc.
  3. Patsystems’ FIX Trading Gateway. Patsystems PLC.
  4. Investors Chronicle
  5. Patsystems Key Personnel. Patsystems PLC.
  6. Patsystems Key Personnel. Patsystems PLC.
  7. Patsystems Key Personnel. Patsystems PLC.
  8. Patsystems Key Personnel. Patsystems PLC.
  9. Patsystems Key Personnel. Patsystems PLC.
  10. Patsystems Key Personnel. Patsystems PLC.
  11. Patsystems Key Personnel. Patsystems PLC.
  12. Patsystems Key Personnel. Patsystems PLC.