GL TRADE has installed its UBIX system at FARR FINANCIAL, for their derivatives clearing and settlement.
Farr Financial principally focuses on retail trading on futures exchanges as a non-clearing member.
FARR FINANCIAL is the first customer in the US to operate the newly developed Forex module of UBIX.
“FARR FINANCIAL has gained a level of flexibility not available before UBIX,” says Omid Farr, CEO of FARR FINANCIAL, when asked about the switch from Rolfe & Nolan’s Risc to UBIX. “Thanks to the UBIX real time APIs, FARR FINANCIAL has achieved an unparalleled level of Straight Through Processing.
We were very pleased with the quality and responsiveness during our migration and more particularly with the high level of service we continue to receive. Our expectations on both Service Level and System Functionality were more than exceeded.”
FARR FINANCIAL will feed their accounts, commission, fees set-ups and their trades from their front-end interface directly into UBIX through real time APIs, which requires no manual intervention. The open architecture offered by UBIX also allows clearing and settlement data to be sent back to their front-end, says GL Trade.
“The successful implementation of UBIX Back-Office system at FARR FINANCIAL demonstrates GL TRADE’s ability to meet high level technical and functional expectations of the US market,” says Eric Wicart, Head of the Back-Office Department of GL TRADE Inc.
The successful conversion of FARR FINANCIAL completes the seventh UBIX client installation since the beginning of 2004.