By Susan L. Barreto, Senior Financial Correspondent

Iris Financial has been hired by Yokohama, Japan-based Nikko Systems Solutions to build its new fixed-income trading platform.

The new software will be a successor to Nikko's current bond trading system, which also was developed by Iris several years ago. Built on Iris's component services architecture technology platform, the new bond risk-management system also will rely on a new analytics engine that Nikko plans to roll out as a standardized analytics package for all of its bond management applications.

The bond system has four key functions: matrix pricing, trade capture, position keeping and analytics.

"Nikko Systems Solutions and Iris Financial have enjoyed a long and fruitful relationship, during which we have developed and expanded our enterprise trading systems for this prestigious firm," said Michele McGovern, chief executive at Iris.

Ms. McGovern's goal has been to bring Iris's technology to the prime brokerage market, in which hedge funds are demanding high-tech trading tools. She joined the company earlier this year.

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