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Trading Technology

10:22 AM
Andrew Rafalaf
Andrew Rafalaf
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TenFold Readies Next-Gen Trading System, Looks To Offer Performance and Portfolio Accounting

The company is placing particular emphasis on the new system's online abilities, which are built directly into the platform, rather than wrapped around it.

TenFold Investment Management, which only acquired the Longview Group last year, is already building its next-generation trading system, TradeXpress.

The new system, set to be released by the end of the year, speaks more to global firms with various offices that need to "pass the book around" in order to serve clients with international investments. TradXpress will not replace Longview 2000, the trade order management system that the company currently sells as a result of its Longview acquisition, but will serve as an alternative, says Michelle McGovern, TenFold IM president.

"No global trading system currently exists," McGovern claims, pointing out that many systems have been developed for specific financial instruments and markets. "By pushing this out over the Web, we can offer real-time trading and access to data like never before."

The company is planning to roll TradXpress out in only 18 months from conception, largely a result of the company's rapid development platform, the Universal Application (UA). Instead of writing the new application from scratch, starting with C code and then building the front-end GUIs in Visual Basic, McGovern says, the UA provides pre-build components that serve as the core of the system. The UA also translates into savings for the client, because development costs are spread throughout the entire TenFold Corp. organization, along with the Investment Management division.

McGovern believes that a strong selling point for the system will be its online abilities, something she believes no competitor in the industry affords. "We built the Web tools right into the development platform, versus others that wrap their existing systems in Web-based technology," she says. "Ours was not an after-thought."

Beyond trading systems, TenFold is going to focus its efforts on performance measurement and portfolio accounting systems. For the performance component, TenFold is looking to partner with an industry-leading buy-side firm, and for the portfolio accounting piece, it would like to partner with another vendor.

"We would like to team up with an industry-leading vendor, someone with the industry know-how, someone willing to rebuild their product using our technology," McGovern says. She confirms that TenFold is in active discussions with a number of providers of portfolio accounting systems, but she declines to name them.

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