Patsystems moves into forex trading

UK-based trading technology vendor Patsystems will expand into foreign exchange trading through a deal reached with IFX Markets. The British companies will develop an interface that will allow traders on Patsystems’ trading platform to connect directly with a matching engine provided by IFX.

Patsystems specialises in equity futures and options trading systems. But the company plans to offer its customers access to a variety of different asset classes on a platform, said Harvey Moses, executive vice-president of sales and account management at Patsystems. He said other deals were in the pipeline but was unable to give details.

The IFX interface should be available to existing Patsystems customers by early 2004. Clients will have to register with Patsystems for a so-called ‘exchange-specific adaptor’, but Moses declined to comment on the cost of this.

Charles Romilly, a director at IFX Markets, said: "By joining forces we can play on each other’s strengths and offer a far more powerful service." IFX handles spot forex and currency futures transactions.