Wilco Systems Go Live at KG Investments
Hong Kong based KG Investments has gone live on Wilco International's Gloss trading and settlement system, release 4, and the Enterprise Broker middleware solution. Five months after the start of the project, the first phase of implementation has been completed. KGI is using Gloss to process equity trades conducted on an agency basis along with some fixed income and FX trades. The first phase implementation includes a client trade feed, a broker feed from the Hong Kong Stock Exchange and a price feed into Gloss. The Wilco Enterprise Broker provides message validation, formatting and routing, and centralizes the set up and maintenance of interfaces into and out of Gloss. A second phase of implementation is scheduled to go live in the second half of this year.
Second Quarter Reports In
Advent Software reports record revenue increase for the second quarter and announces a three-for-two stock split. Advent revenues increased 45% from the same quarter last year, from $16.7 million to $24.2 million. Net income for the first half of 1999 was $5.4 million or 58 cents per share compared with $3.6 million or 42 cents per share in 1998, excluding an acquisition related write-off. Advent has signed several new firms during the past quarter for its integrated client contact, portfolio accounting, trade order management and data warehousing capabilities. The Board of Directors at Advent has approved a stock split, increasing the number of shares of common stock from over 9 million to over 14 million shares.
Investment Technology Group, ITG, reports a 15% decrease in net earnings for the second quarter of 1999. Revenues for POSIT, ITGs equity-matching system, increased 13% over the same quarter last year and are up 19% for the first six months of this year versus the same period last year. ITG commenced regular trading on the New York Stock Exchange in April after a separation from Jeffries Group through a spin-off and related transactions including the payment by ITG of a $4 per share special cash dividend. ITG provides technology-based equity trading services and transaction research to institutional investors and brokers.
Customer Service Web Site
IQ Financial Systems, a provider of trading, risk management and commercial lending systems announced the launch of its customer support Web site at www.iqfinancia.com/support/. The site offers Loan IQ customer's access to product support information, release notes, contact information and the ability to download the latest enhancements, changes and updates to Loan IQ. The site is accessible to Loan IQ users with a user ID and password and includes documentation on conversion, installation, interface development, security administration and fax server administration for Loan IQ. Users can also e-mail questions to the product support team directly from the site.