Iris FX Trader^TM is designed for global institutions and offers the most comprehensive range of functionality, the industry's most advanced technology infrastructure, and unprecedented flexibility - all delivered faster than traditional packaged applications.

Iris FX Trader addresses the full range of foreign exchange instruments:

• Spot
• Forwards (swaps and outrights)
• Complex crossing of the above

Iris FX Trader includes full foreign exchange trading functionality:

• Pricing
• Quote Management
• Trading
• Position & Risk Management
• ECN Connectivity

Flexibility and Scalability
Because Iris FX Trader is built using our component-based development platform, it is inherently flexible and scalable - our applications allow our clients to leverage maximum functionality, while working in a manner that is perfectly suited to their businesses.

Our applications adapt to our clients - not the other way around. Our clients work and generate profits in their preferred and proven ways using Iris configurable solutions.

Features and Functionality
Iris FX Trader provides full functionality for a trader to price and manage two-way quotes on the spot and forward markets globally.

Iris FX Trader includes the following features and functionality:

Pricing
The system provides flexible pricing for all spot and forward rates. Multiple sources can be configured for each directly quoted price and changes to the underlying sources can be set automatically by global pricing centre to take effect at specified times of day, for instance when London hands over pricing to New York.

High-performance low-latency cross rate calculation is achieved across potentially hundreds of currency pairs and tenors by leveraging off the underlying architecture. Cross rates are calculated with accuracy and flexibility to cover all customer needs.
The system provides a fault-tolerant platform to support a global 24-hour trading capability.

Connections to all major market data providers are supported.

Quote Management
Flexible spread and volume-tiering management is supported to improve deal handling.

Dealers have the flexibility to skew prices at the click of a button according to their preference to buy or sell a currency pair at any time, and then click back to normal pricing just as easily when required.

Dealers also have the facility to react quickly to adverse market conditions by either widening bid-offer spreads at the click of a button, or by pressing a 'panic' button to make quotes indicative only.

Trading
The system provides trade capture for all supported instruments. In addition, it features trade blotters with full drill-down capability.

Position Management & Risk (planned)
Iris FX Trader includes tools for the trader, including position measurement and management, real-time P&L, and real-time risk.

Position blotters include full drill-down capability.

Connectivity
The system will provide infrastructure and allow for operation across multiple foreign exchange ECNs, whether Inter-Dealer Broker (IDB) or Business-to-Customer (B2C).
 
Iris FX Trader rapidly integrates with any market gateway, including market data, static data, and trade feeds.

Trade Processing

• Electronic interfaces to back office systems
• Transaction browsing
• Cancel/correct
• P&L support

Maintenance

• Maintain users and user groups
• Maintain books, accounts, and counterparties
• Maintain calendars

Instrument Coverage
The system supports the following instruments:

• Spot Market
  • All directly quoted currency pairs
  • Complex crossing with any combination of directly quoted rates.
• Forward Market
  • Swaps
  • Outrights
  • Forward - forward swaps
  • Non-deliverable forwards

Planning for the Future
We will enhance Iris FX Trader over time with new releases planned for the first and third quarters of each year. In subsequent releases, we will extend functionality for all currently supported instruments, including additional sales support and operational features. We will also incorporate more derivative capabilities in later releases. Should client demand or priorities change, these plans may be altered to deliver particularly important features earlier in the development cycle.