LONDON, June 18, 2012 /PRNewswire/ --
Rule Financial, an independent provider of business consultancy, IT consultancy and IT services to the global investment banking community, today announces that it has developed a new online eTrading platform for PYXmarkets, formerly known as CityOdds. The B2C digital option eTrading venue offers clients the ability to gain returns by trading intraday within the world's most liquid assets - such as the FTSE 100 or forex - on end-of-day outcomes.
PYXmarkets users can create their own bespoke asset options to suit their trading requirements. On PYXmarkets, traders can limit risk exposure whilst still being able to receive a maximum return of up to 2,000 per cent from each trade. Real-time pricing not only makes PYXmarkets competitive as a trading venue, but all of its incumbent features make it one of the most advanced technologies in this space.
Rule Financial was selected by PYXmarkets to evaluate the existing architecture, including re-designing the platform to make it more scalable and robust. This included migrating the code base from C++ to Java and simplification of the data architecture. Introducing an element of 'social' to the platform, Rule Financial embedded technology which supports interactive trading chat and trader tournaments. The platform provides live position updates, real-time position valuations and real-time position close-outs.
PYXmarkets uniquely allows users to trade in the final hour before markets close and has no explicit commissions on trades. The application is suitable for both retail and institutional use, allowing traders to set their own strike price.
Richard Hutchinson, CEO, PYXmarkets said: "In the development of PYXmarkets, our mission has been to create a comprehensive eTrading platform that limits risk while delivering defined returns and real-time pricing. We chose Rule Financial to develop the application for us, as their consultants have an established pedigree in development of real-time eTrading platforms, working with the world's leading financial institutions. The Rule Financial team embraced where we wanted to take the service and transposed our vision into a platform with a fantastic user experience and functionality set."
Graeme Harker, specialist in eTrading, Rule Financial said: "Retail trading is rapidly evolving, as social media is changing the way in which trades are researched and placed. PYXmarkets is harnessing the latest technology and delivering users with a really unique and exciting platform. PYXmarkets introduces inexperienced traders to the market with limited risk, while professional traders have all the essential tools needed to maximise trading opportunities. We're delighted to be involved in the development and launch of the platform."
PYXmarkets aims to set new performance standards for publicly available trading platform technologies. A philosophy of innovation and evolution are fundamental to all aspects of the business.
Digital options provide investors with the unique ability to build tailored options to suit their trading needs. Risk is limited so losses can never be larger than the premium placed. PYXmarkets is the only provider of graphically based, customisable and tradable digital options.
Reliability, accuracy and stability are key to our business. PYXmarkets provides clients with the ability to trade in real time to build fixed risk and defined return Digital Options. With up to the minute market and world news, you have the tools needed to trade at your fingertips.
About Rule Financial
Rule Financial is a leading independent provider of business and IT services, employing over 400 people in the UK, USA, Canada, Spain and Poland. Our specialists work alongside their counterparts at the world's leading investment banks, hedge funds and financial institutions, helping to lower costs, improve productivity and extract the maximum value from IT investments.
We cover all aspects of advisory, execution and support services. Our domain specialisms include: Securities Finance, Prime Services, Risk Management, Trading, Legal & Compliance and Operations. Our delivery specialisms include: advisory and execution services in system development, user-centric design, software development, integration, testing, on-going support and IT outsourcing.
We offer our clients end-to-end solutions that solve their complex business and IT issues. Our specialists have a deep understanding of the increasing regulatory pressures faced by financial institutions and a number of our recent engagements have included strategic consultancy around OTC derivatives regulation and the implications of central clearing on integrated systems and collateral management.
SOURCE Rule Financial