Hedge-fund technology provider Paladyne Systems, Inc., started a new distribution relationship with Thomson Financial, financial services provider, to give customers real-time market date service to customers.
As part of the distribution alliance, Paladyne will provide Thomson DataFeed, a real-time market and pricing data service, and Paladyne will distribute this through its PALADYNE software, a front-to back-office hedge fund application. Thomson Financial will act as the agency of record for all exchange level reporting requirements.
Paladyne formed an agreement last year with Credit Suisse to provide hedge fund support for multiple brokers, which was unprecedented in the hedge fund industry. Credit Suisse Forms Multiple Prime Brokerage Technology Alliance With Paladyne Systems. In essence, Credit Suisse and Paladyne offered hedge fund clients an outsourced operational and technology service that did not tie them to Credit Suisse as their sole or primary prime broker.
“We are delighted that Paladyne and Thomson have entered into this strategic relationship since it will impact our prime services customer base,” says Sal Ventura, managing director of Prime Services at Credit Suisse. “We offer Paladyne’s trading and real-time P&L tools within our Advanced Prime hedge fund platform, so our customers will benefit from this strategic alliance.”
“We are pleased to partner with Paladyne Systems in offering our real-time data through their innovative, ASP-based delivery model,” says Matthew Burkley, president, Enterprise Solutions, Thomson Financial. “This relationship gives Thomson more direct access to the hedge fund marketplace and enables Paladyne to enhance their overall service offering to their customers.”
“This partnership with Thomson allows Paladyne to provide comprehensive real-time data in an easily deployable and streamlined manner,” says Sameer Shalaby, CEO of Paladyne Systems. “Both our current and new clients will gain immediate access to Thomson’s real-time data through our hosted product offering.”
The PALADYNE suite is available either as a fully hosted application or as an on-site local installation. The PALADYNE product includes order management, real-time profits and losses and portfolio management, portfolio accounting, custom reporting, data warehousing and analytics, and reference data management.