Patsystems Plc

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Patsystems Plc
Patsystems logo.gif
Founded 1994
Headquarters London, with offices in Chicago, NY, 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

Template:Infobox Midpage Need Sponsor Patsystems is a trading-solutions provider best known for its globally distributed J-Trader front-end trading screen. Patsystems, often referred to in shorthand as Pats, is an AIM-listed company incorporated in England and Wales (registered under number 4498002).

Patsystems also offers an extensive network of exchange connectivity, risk management solutions and an API for third-party solutions providers to connect through.

Patsystems provides trading for more than 10,000 users through hundreds of brokers around the world. More than 30 firms clear though Pats, 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 among three front ends. Besides the well-known J-Trader, the company has more recently introduced Pro-Mark and IQ Trader.

Pats tailors its services to the type of client, offering 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 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.
  • Risk Informer is a program for risk managers at professional trading firms. It enables them to view and control the firm's exposure to risk by setting parameters for traders. Risk managers can limit the amount and types of products traded as well as get a real-time view of the firm's risk exposure.
  • 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.
  • 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 is a full-function interface to Pats' trading system; Pats 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 systems 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 Pats' FIX Trading Gateway, which supports an extended FIX.4.2 message set. FIX allows parties to run on whatever platform they desire. If they are familiar with the protocol, this can result in fast time to market.

Recent Initiatives

Global Trading Solution

Macquarie Bank Futures Division will be the first to deploy Patsystems' new Global Trading Core, which will provide customers with a global order book that lets them more efficiently 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.

  • Acquired Tamesis August 2005. The acquisition gave Pats access to real-time trade capture, valuation and risk management systems for the structured finance and credit derivatives market [1]
  • Fall 2005 Patsystems became the first competitor of Trading Technologies (TT) to acknowledge that its software infringed on TT's patents. Pats agreed to stop selling the offending "DOME" software and TT agreed not to claim infringement by Pats' new Reflector software. Pats also agreed to pay TT at least 10 cents per transaction for customers using DOME. [2]
  • Maiden dividend declared in 2007 [3]

People

David Webber is the CEO of Patsystems. He joined the company in January of 2006, replacing Kevin Ashby as CEO. 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.


  • Patrick J. Kenny is the managing director and officer of Patsystems North America.
  • Jon Regan is director of business development.

References

  1. Daily News, White Plains, NY
  2. Futures Magazine
  3. Investors Chronicle