Cygnifi, the JP Morgan derivatives spin-off has filed for Chapter 11 bankruptcy protection in New York. Cygnifi is seeking buyers for its source code, intellectual property rights and analytical libraries and says it will also consider partners for a merger or acquisition during its Chapter 11 process. Some of Cygnifi's intellectual property offerings include Kapital Risk Management System, a portfolio and risk management application; Aladdin, a spreadsheet-based multi-currency pricing tool; Cygnifi Analytics Library; Sampras, a system of monitoring counter party credit exposure and risk; Collateral Manager, a collateral operations support system; and BLUE Derivates Pricer, a derivates valuation application. Cygnifi's British and Japanese subsidiaries have also been put into liquidation.
Global Netrade Securities (GNET), a Tokyo-based brokerage firm, has implemented ADP/OMR's TradeThru application services provider (ASP) model for its derivatives transaction processing. TradeThru provides automated front- to back-office function from deal capture, portfolio and risk management to trade processing, confirmation and settlement. GNET is using TradeThru to process derivates for exchange options and futures through a Java front-end and a secure connection to the Internet. ADP/OMR is a division of ADP Brokerage Services.