LONDON and NEW YORK, Dec. 14, 2005 (PRIMEZONE) -- GlobeOp Financial Services (GFS(sm) or GlobeOp(r)), a provider of fund administration and related support services for hedge funds, fund of funds, and high net worth family wealth offices, announced today that it will offer Communicator Inc's Trade Date Tie-Out Service via GoMarkets(sm), GlobeOp's new electronic trading connectivity platform. Communicator's Trade Date Tie-Out Service enables GlobeOp clients to affirm OTC derivative trades within minutes of the time a trade is executed and then automatically to feed certain material trade details to clients' trade capture systems. This service is available immediately to GlobeOp and Communicator clients.
"This new service further enhances GlobeOp's efforts to provide straight-through processing of OTC derivatives from trade entry through affirmation or confirmation and back," said Hans Hufschmid, GlobeOp's chairman and chief executive officer. "With Communicator, we have integrated our systems so clients are able to execute a seamless flow of OTC trade tie-outs immediately with important choice and flexibility to suit their individual needs."
"We are excited to have GlobeOp use our Trade Date Tie-Out service to power its GoMarkets platform," said Leo Schlinkert, president and chief executive officer of Communicator. "GlobeOp's clients can use this service for a broad range of OTC derivatives with a choice between affirming or matching a trade. This flexibility has been unavailable in the marketplace from a single solution provider."
The advantages of the combined GlobeOp / Communicator end-to-end solution include:
-- Coverage of all OTC derivatives products (credit, rates,
equities, FX and commodities) and choice and flexibility of
single trade entry affirmation or dual trade entry system
-- A live system that is up and running today, offering links to
more than 150 buy-side firms and more than 20 dealers
-- On-line exception management tools to handle trade disputes
and streamline long form confirmation documentation
Customers have a choice of either single-entry affirmation of trades from dealers or independent dual-entry and matching of trades. All DTCC-eligible trades, including single name credit default swaps and credit default indices, are legally confirmed by DTCC using Communicator's real-time link to DTCC's Deriv/SERV matching and confirmation and payment services.
For more information or to arrange a demonstration please contact Ed Condon, director -- business development at GlobeOp, telephone +1.44.207.190.6602, email econdon@globeop.com.
About Communicator
Communicator Inc is a financial technology firm that provides investment managers and broker-dealers a suite of services for identity management, communications, compliance and operations. Our services include Compliance Hub, which provides OTC derivatives post trade processing, tools to acknowledge key trade details on trade date, a system that allows firms to comply with the 2005 ISDA(r) Novation Protocol, counterparty documentation and regulatory certifications services to over 1,600 financial firms; Hub Connex, which provides over 800 buy-side firms and leading broker-dealers a secure cross-company communication platform; and identity services that are used to manage over 400,000 user identities and profiles across the industry.
About GlobeOp
GlobeOp Financial Services specializes in middle- and back-office support services and fund administration for hedge funds, funds of hedge funds, asset managers and high net worth family wealth managers. GFS provides independent services essential to the successful operation of private investment entities with activities ranging across a wide spectrum of traded instruments. The firm's GlobeOp Risk subsidiary provides independent risk reporting and quantification to investors, creditors and managers. Company expertise is drawn from the senior levels of international banking and fund management and encompasses a wide range of relevant experience. More information about GFS can be found at www.globeop.com.
Statements made in connection with this news release that are not historical fact, such as forward-looking statements concerning future performance and growth, involve risk and uncertainties and are subject to various factors that could cause actual results to differ materially from those set forth in the forward-looking statements. Although GFS believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, such as competition, loss of clients or a reduction in business received from clients, failure to retain key management and employees, success of new services, reputational harm, disruption of crucial computer and communications systems, regulation, pending, threatened or future legal proceedings, general economic conditions and other factors, including those impacting the hedge fund industry generally, such as changes in the market environment, decreased growth rates and industry consolidation, could cause actual results to differ materially from GFS' expectations. Any forward-looking statements represent the best judgment of GFS as of the date of this release. GFS disclaims any intent or obligation to update any forward-looking statements.
GlobeOp, GFS, www.globeop.com, and GlobeOp's "G" logo are trade and service marks of GlobeOp Financial Services and are used throughout the world. The GlobeOp service mark is registered in the United States and the European Union; the GFS trade and service mark is registered in the European Union; GlobeOp's "G" logo is registered in the European Union. In addition, all other content, trademarks, service marks, trade names, logos, and icons are proprietary to GlobeOp Financial Services, SA or its affiliates, licensors or agents. Nothing contained in this news release or on GlobeOp's Web site should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trade or service mark displayed in this news release or on GlobeOp's Web site without the written permission of GlobeOp Financial Services. Use of the trade and/or service marks displayed in this news release or on GlobeOp's Web site, or any other content found in this news release or found on GlobeOp's Web site, except as provided herein, is strictly prohibited. All other products or company names herein may be trade and/or service marks of their respective owners.