Contact: Brian
Ruby, Creative Partners, 203-705-9218, bruby@creativepartners.com
Integral Sells MarginMan™ to SS&C to Focus on
FX Inside™ and Direct Market Access in Foreign
Exchange
MOUNTAIN
VIEW, Calif., August 24, 2005 - Integral
Development Corp. confirmed the sale of its MarginMan collateralized trading
solution to SS&C Technologies (NASDAQ: SSNC) of Windsor, Conn. Integral acquired MarginMan as a part of its
acquisition, in February 2002, of Dublin, Ireland-based International Financial
Systems.
“The
sale of MarginMan reflects the growing success of our strategy to provide direct
market access in foreign exchange via FX Inside and the Integral Integration
Network,” said Harpal Sandhu, CEO, Integral. “MarginMan had simply fallen
outside of our core business focus, but will serve SS&C well in the
collateralized trading market.”
Integral
has nearly completed the major roll-out of FX Inside announced at the ACI World
Congress in Stockholm earlier this year.
It is the world’s first direct market access system for foreign exchange
and is now being deployed to more than 55 bank and fund management customers.
FX
Inside aggregates spot prices from market making banks and ECNs, giving dealers
a single, executable view of all available eFX liquidity sources. It began live North American trading in late
2004 and launched its European trading operations in early 2005, delivering
streaming executable prices from Monday open in Sydney to Friday close in New
York for 37 currency pairs.
The
Integral Integration Network is a real-time system of liquidity providers and
liquidity takers for OTC financial products. Market participants connect to the
each other through a single Integral
API™ interface from which they can negotiate, execute and settle trades.
Linden
Advisors acted as financial advisor to Integral in this transaction.
About Integral
Integral
Development Corp is a world leading provider of capital markets products and
services. Partnering with leading banks, Integral has delivered a number of
leading financial services to the investment community including FX Inside, the
worlds first direct market access system for foreign exchange. The Integral Integration
Network is a global inter-institutional communication network linking more than
100 bank and institutional fund customers to each other’s processing systems
using a common protocol and messaging standard. Founded in 1993, Integral
employs more than 150 professionals and maintains development, support and
sales offices in Silicon Valley, New York, London, Tokyo, Bangalore, Dublin and
Singapore. Investors include Accel Partners, Ignite Group, ABN Amro, Hudson
Ventures, Bain Capital and AIG.
About FX Inside
FX
Inside is the worlds first direct market access and algorithmic trading
platform for foreign exchange. Developed in 2004 by Integral Development Corp.
in conjunction with leading market making banks, FX Inside provides the highest
quality liquidity available today through aggregation of FX spot prices from
these banks; enabling a dealer to have a single, executable application for all
available electronic FX sources.
By
reducing the number of screens to monitor multiple price sources, FX Inside
empowers the dealer with greater market visibility and execution capability.
The dealer's trading experience is greatly simplified with the convenience of a
single screen and one set of dealing keystrokes.
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