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Operations Newsflashes: Swapstream Adds Three New Users to IRS Platform, and more

Swapstream Adds Three New Users to IRS Platform, Pershing Inks Deal With Advent Software, Xcitek Hires Jones to Manage XSP Product

Swapstream Adds Three New Users to IRS Platform

Swapstream has signed up Lehman Brothers, Royal Bank of Scotland and SGCIB as new users of the multilateral electronic trading platform for medium and long-term interest rate swaps (IRS).

The new users bring the total subscriber base to over 30 banks and brokers, which represents a leading market position in the electronic IRS sector, Swapstream said in the press release.

Swapstream said it is a neutral provider of the only multilateral platform that facilitates trading for all banks and brokers in the professional IRS market. The company currently offers liquidity totaling 800 million euros on bid and offer, which Swapstream claimed are the most competitive and tightest spreads in the electronic IRS industry.

Pershing Inks Deal With Advent Software

Pershing, located in Jersey City, N.J., entered into a license and distribution agreement with San Francisco-based Advent Software, to provide its customers with an outsourced data management and reporting tool. The agreement allows Pershing's independent registered investment adviser customers (RIAs) -- and RIAs affiliated with the firm's introducing broker-dealer customers -- to access Advent Back Office Service technology for portfolio accounting and performance reporting.

As a result of delivering the Advent Back Office Service, RIAs will have access to Advent's Axys portfolio accounting and reporting software, while outsourcing the data management and information delivery functions to Pershing. This will enable RIAs to receive daily reconciliation services and full Axys functionality via the Internet, the release says.

Pershing, a member of BNY Securities Group, is a leading provider of clearing and outsourcing solutions to financial intermediaries.

Xcitek Hires Jones to Manage XSP Product

Xcitek hired Larry Jones to serve as senior vice president of XSP's Product Management Group. Jones will be responsible for managing the XSP product road map to respond to clients' evolving business needs while solidifying XSP's market position.

Prior to joining Xcitek, Jones held senior-level positions in supporting software business lines at Integrated Medical Systems International and Adea Solutions.

Jones brings experience in the professional consulting and systems integration industry. During his 18-year tenure at HP/Compaq Computer Corporation, Jones led several senior management positions within its Global Services Division, leading a team of technology professionals in the delivery of custom projects and programs.

Xcitek is a provider of global corporate actions, market data and operational staffing services.

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