LONDON, March 15, 2012 /PRNewswire/ -- FFastFill plc (LSE: FFA), the leading provider of Software as a Service (SaaS) to the global derivatives community, announced today that it is partnering with New York Portfolio Clearing, LLC (NYPC), the innovative clearing platform for fixed income derivatives, to provide the technology, hosting and support for the NYPC PRIME™ Portfolio Risk Interactive Margin Estimator.
FFastFill will deliver the NYPC Value-at-Risk (VaR) calculator that estimates the "one-pot" margin savings that clearing members can achieve for proprietary interest rate futures cleared at NYPC. FFastFill will also deliver certain cash positions cleared at the Fixed Income Clearing Corporation (FICC) subsidiary of The Depository Trust & Clearing Corporation (DTCC), as a SaaS solution from its global network of managed data centres.
NYPC is a joint venture between DTCC and NYSE Euronext ("NYX"), and was created to deliver unique capital efficiencies to the market by margining a clearing member's risk on a portfolio basis across related cash fixed income and derivative positions. For more information, please visit: www.nypclear.com / http://www.nypclear.com/sites/default/files/FAQ_nypcprime.pdf .
Hamish Purdey, CEO of FFastFill, said: "We are pleased to have been selected by NYPC to deliver the PRIME™ service as a SaaS solution. NYPC PRIME™ builds on FFastFill's expertise in risk management across all areas of the trade flow and allows us to deliver this innovative technology to a growing market."
Ira Krulik, Chief Operating Officer, NYPC said: "Working with FFastFill has allowed us to deliver a highly functional tool in a short period of time. We were impressed with the turnaround time and quality of the delivery, and we look forward to working with FFastFill to provide a highly reliable VaR platform for our customers."
FFastFill is the leading provider of Software as a Service to the global derivatives community using the latest developments in technology to automate trade flow processes across a firm's front, middle and back offices. FFastFill's solutions encompass electronic order routing, clearing, risk management and back office as part of an integrated, yet modular system architecture. FFastFill is traded on London's AIM (AIM: FFA). Further information on FFastFill is available at www.ffastfill.com.
New York Portfolio Clearing, LLC (NYPC) is registered as a U.S. Derivatives Clearing Organization with the Commodity Futures Trading Commission. NYPC clears interest rate products and supports the cross-margining of fixed income cash products cleared by The Depository Trust & Clearing Corporation's Fixed Income Clearing Corporation with their related, offsetting derivatives trades in a "single pot". For more information, please visit: www.nypclear.com.
The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 3.6 million securities issues from the United States and 121 other countries and territories, valued at US$36.5 trillion. In 2010, DTCC settled nearly US$1.66 quadrillion in securities transactions. DTCC has operating facilities and data centers in multiple locations in the United States and overseas. For more information, please visit www.dtcc.com.
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext's equities markets—the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca—represent one-third of the world's equities trading, the most liquidity of any global exchange group.
NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the S&P 100 index and Fortune 500. For more information, please visit: http://www.nyx.com.
SOURCE FFastFill plc