TMCnet News
FastMatch selects Caplin to front FX ECNNEW YORK --(Business Wire)-- Caplin Systems today announced that FastMatch, the foreign exchange ECN co-owned by BNY Mellon, Credit Suisse and FXCM, has selected Caplin, the web trading technology company, to develop the new electronic distribution platform for its spot FX matching service. Launched in September 2012, FastMatch offers its customers access to a large and completely transparent pool of diversified liquidity at unparalleled speed. Its global reach is powered by datacenters in New York and London - with a third center, Tokyo, going live in Q1 2014. Dmitri Galinov, CEO of FastMatch, says: "Our platform is based on the technology underpinning the world's largest equities crossing system. So when it came to the front end we needed to implement an equally impressive solution. When we looked into it, there was only one vendor we trusted to deliver to our standards within the time and budget constraint." Caplin's market-leading electronic trading technology is used worldwide by banks such as Citi, RBS, Standard Bank and UniCredit. In September 2013, Caplin announced the launch of its FX Motif, a customizable FX web trading solution that reduces costs and time-to-market by up to 75% compared to alternative methods. This technology will be the core of the FastMatch solution. Richard Leader, Caplin's Executive Vice President, Americas, says: "The win is significant because it marks Caplin's entry into a ne arena: front-ends for non-bank trading platforms - a compelling segment, given the regulatory push in this direction and the proliferation of firms offering these services, especially in the U.S." He adds: "The bigger picture is encouraging: we're engaged with a growing numbers of firms that a year ago were outside our core investment banking domain - from wealth management giants and retail brokers to institutional electronic market-makers - that are actively transitioning to HTML5 and recognize that Caplin's got some great, battle-proven web trading technology that can fast turn their visions into reality." Emin Tatosian, Caplin's Chief Consultant in the Americas, continues: "FastMatch is an inherently lean and agile organization whose 'get it done' approach closely mirrors our own. Consequently this project moved from successful prototype to signature in a matter of weeks. We've set aggressive deadlines for implementation too, to prove that a transformational project can happen with ground-breaking speed and efficiency." Caplin has already begun work on the implementation. --- Ends --- About FastMatch FastMatch is a matching system of spot foreign exchange. The FastMatch system strives to offer its customers access to a large pool of diversified liquidity at unparalleled speed, complete transparency, central location and excellent customer service. About Caplin Systems Caplin has been helping investment banks, online brokers and other financial firms to build single-dealer platforms for over a decade. In 1999, Caplin created the first ever web server specifically designed for real-time financial data, enabling the company to build some of the very first single-dealer platforms for investment banks. Caplin's technology is used worldwide by banks such as Citi, RBS, Standard Bank and UniCredit. Founded in 2000, Caplin Systems is incorporated in England and Wales and is based in the City of London with sales offices in New York and Singapore. The company is privately held with the majority of staff employed in product development and professional services.
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