Charles River is First OMS Provider with Live TradeWeb Execution and Allocation Interface
- Five Clients Live; Six Additional Clients in the US, UK and Germany Undergoing Implementation -
BURLINGTON, MA, March 17, 2005 - Charles River Development, a market leading provider of fixed income order management systems (OMS), today announced that its Charles River Investment Management System (Charles River IMS) is the first OMS to automate and streamline fixed income trading with a live execution and allocation link to TradeWeb, the leading network of online fixed income markets. Five clients, including PRP Performa Limited Ltd., an institutional fixed income manager based in Bermuda with $1.2 billion assets under management, are using the FIX interface between the two systems. Six additional clients in the U.S., U.K. and Germany are undergoing implementation.
Charles River was the first OMS vendor to partner with Thomson TradeWeb, operator of TradeWeb and part of The Thomson Corporation (NYSE: TOC, TSX: TOC), to create an innovative front-, middle- and back-office workflow solution for the fixed income market. A FIX interface between Charles River IMS and TradeWeb enables investment managers to originate fixed income block trades in Charles River IMS and send them seamlessly for execution to TradeWeb's online fixed income markets. Charles River IMS is a comprehensive, front- and middle-office software suite for portfolio management (Charles River Manager), order management and electronic trading (Charles River Trader), and real-time compliance monitoring (Charles River Compliance).
TradeWeb provides liquidity access to 32 major dealers in U.S. treasuries, agencies, TBA-MBS, interest rate swaps, corporate bonds, commercial paper, agency discount notes, European governments, pfandebriefe, supras, and European commercial paper. The electronic link also facilitates the transmission of allocations originating in Charles River IMS to TradeWeb. Following execution, TradeWeb enhances the trade and allocations with standing settlement instructions that map directly into major dealers' settlement systems. TradeWeb delivers an electronic acknowledgement of the completed block trade and allocations back to Charles River IMS, facilitating paperless trade processing.
In addition, Charles River IMS clients can receive electronic block trade confirmation and allocation detail from TradeWeb for trades completed over the telephone. "This interface harnesses all the power offered by TradeWeb, including direct corporate phone trades with brokers and even trades executed on other platforms, as well as the full power of the real-time Charles River Compliance engine - the result is true STP integration in a global, virtual office environment," said Shawn Murphy, chief investment officer and head of fixed income at PRP Performa. "For example, we can accomplish time critical CP trading knowing that we are compliant with Sandamp;P AAAm requirements and also achieve fast, accurate STP for error free cash settlements."
The interface is available to clients using Charles River IMS version 7.2.2 and higher.
About Charles River Development
Charles River Development (www.crd.com) is a market-leading provider of software and services to over 145 investment managers in the global mutual fund, banking, pension, hedge fund, wealth management and insurance industries. Founded in 1984 and privately held, Charles River maintains headquarters in Burlington, MA and primary offices in London, Melbourne, and Singapore.
Charles River combines state-of-the-art and industry-standard technologies to deliver applications that are open, flexible, scalable, rich in functionality, and easy-to-use. The Charles River Investment Management System (Charles River IMS) is a comprehensive front- and middle-office software suite for all security types. Each of its key components is available as a standalone application: Charles River Manager offers sophisticated tools for portfolio management including "what if" analysis, modeling, portfolio rebalancing, and order generation; Charles River Trader provides order management, electronic trading, and liquidity access; and Charles River Compliance offers global, real-time, pre-trade, post-execution, and portfolio-level compliance monitoring.
Charles River IMS supports 24X7 operations and facilitates downstream trade processing via embedded links to VMUs, custodians, and settlement facilities. Message-based APIs and exposed Web Services allow for rapid systems integration. The company offers a variety of services to supplement its software including implementation services, managed services, and FIX network services.