A Newry financial software provider is celebrating the most significant deal in its 16 year history. First Derivatives’ Delta Stream product has been ed as the basis of the Australian Securities and Investments Commission (ASIC) multi market surveillance system for an initial four year term. Working with investment banks, brokers, hedge funds and exchanges across the world, this deal represents a major step forward for the firm founded by Brian Conlon from Newry. First Derivatives Delta Stream will be used by ASIC in meeting its statutory obligation to oversee Australia’s licensed financial markets. In particular Delta Stream will be integral to ASIC’s market surveillance activities enabling detection of trading anomalies and irregularities that may indicate disorderly or prohibited trading across the range of asset classes and products traded. Commenting on the deal Mr Conlon said: “The success story of First Derivatives is marked by many significant deals but this is a real breakthrough for us. Delta Stream being selected by AISC as its chosen platform for market surveillance is a statement of the confidence others place in First Derivatives’ products. This is a major win in a regulatory environment and we are encouraged that this will enhance the profile of our Delta suite. Delta Stream will allow AISC to quickly respond to evolving market regulations, the introduction of new products and projected increases in data volumes.” In terms of what the deal means for the firms growth Mr Conlon added: “Having been based in Australia for several years we have found it presents a strong platform for expansion for expansion into key Asian markets. We are confident that others will look at this deal and see the potential for First Derivatives’ products to be applied to their own functions including regulatory. This deal builds on a very encouraging performance on the product side of our business showing 40 per cent growth in our recent interim results. First Derivatives now employs over 720 people and having been selected by AISC as a partner it is clear that we can expect this growth to continue.”
Newry Democrat
18th December 2012
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