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Advent Software updated its turnkey portfolio accounting and reporting suite at the end of January to Axys 3.8 which is compatible with the new reference system for options, which recently came into place called the Options Symbology Initiative (OSI). The update enhances the system to support the 2010 OSI, which is an overhaul of the old five-character options symbol which switched over to a 21 digit system on February 12.
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New Zealand Bank ASB has gone live with Calypso to provide integrated trading, processing and risk management. The treasury platform is cross-asset and can process front and back office reports and manage risk for foreign exchange, money market and interest rate derivatives trading.
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HSBC has joined the trading platform offered by FFastFill, the futures trading software provider.
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First Derivatives announced mid-February that it has bought the Dublin internet trading firm Cognotec out of receivership. It paid Eu3.4m ($4.6m) for the company. Cognotec was once worth more than Eu150m and employed 200 people, but its value fell in 2007 after it lost its biggest customer. The company was placed in receivership on January 22. It owed about Eu6.9m to Barclays Bank. Cognotec was founded 20 years ago by Brian Maccaba, one of the legendary pioneers of using the internet for foreign exchange trading.