Iris Fixed Income 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 Fixed Income Trader addresses the complete range of fixed income instruments and derivatives:

• Interest rate instruments
• Credit instruments
• High yield instruments
• Mortgages
• Structured products

Iris Fixed Income Trader includes full fixed income trading functionality:

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

Features and Functionality

Iris Fixed Income Trader provides full functionality for a trader to price, trade and track debt and derivatives positions and risk in voice and electronic markets in Europe, North America, and Japan.

Iris Fixed Income Trader includes the following features and functionality:

Pricing
The system prices bonds using several forms of matrix pricing. A full set of pricing methods (~25 methods), curve facilities (Treasury curves, swap curves, repo curves, et cetera), futures facilities and analytics are provided, as well as the appropriate pricing workflow.

Several price distribution methods are supported, including Bloomberg and Reuters.

Quote Management
Cross ECN virtual market functionality is designed to optimize trader operation, with full drill down to the appropriate market and integrated aggressive order management. The system provides comprehensive spread management support. Rules based RFQ management supports both auto and non-auto quoting, trading and hedging with flexible customer tiering.

Connectivity
The system provides infrastructure and allows for operation across multiple electronic markets, whether Inter-Dealer Broker (IDB) or Business-to-Customer (B2C).

The Product integrates to any market gateway product, by levering existing CSA components. The CSA permits rapid integration with appropriate market data, static data and trade feeds.

Trading
The system provides trade capture for all supported instruments. Optimized trade capture forms allow full trade details to be collected efficiently. In addition, users can create their own forms. Additionally quick trade, partial trade, and hypothetical trade facilities are provided.

Support for a number of trade types is provided; Cash, Borrow/Lend (Taishaku), Repo, Gensaki, position adjustments, pair-off trades, et cetera.

Trade blotters with full drill-down capability are provided, along with other trading tools and calculators.

A number of special purpose calculators support trading activity.

Position Management & Risk
Tools that allow the trader to measure and manage positions, P&L and risk in real time are provided, as well as facilities such as hedge and forward calculators.

Position blotters include full drill-down capability.

Trade Processing

• Electronic Interfaces to Back Office systems
• Transaction browsing
• Cancel / Correct
• P/L support; FIFO and Specific Identification inventory methods

Maintenance

• Maintain Instrument data
• Maintain Pricing Universe
• Maintain Pricing sheets (several "styles" of pricing sheets supported)
• Maintain Users and User Groups
• Maintain Books, Accounts, and Counterparties
• Maintain Commission schedules
• Maintain Calendars

Instrument Coverage
The system supports the following instruments:

• North America
  • Treasuries
  • Agencies
  • Corporates
• UK, Continental European, and Scandinavian
  • Government Bonds
  • Corporates
• Japan
  • JGBs
  • TBs/FBs
  • Special Bonds/Municipal Bonds
  • Corporates
  • Bank debentures
  • Samurai Bonds
  • Euro-yen Bonds
• Australia, New Zealand
  • Government Bonds
  • Corporates
• General
  • Interest Rate Futures
  • Bond Futures
• Special
  • Named Instruments
  • Hypothetical Instruments

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

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

Planning For The Future
We will enhance Iris Fixed Income 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 customer demand or priorities change, these plans may be altered to deliver particularly important features earlier in the development cycle.