Digital Island Manages Operational Facilities for CreditTrade
📅 - Digital Island, Inc. (digitalisland.com), a Cable & Wireless company, announced today an agreement with CreditTrade (credittrade.com) to provide 2Way Web Services. Digital Island will fulfill the operational requirements of global credit securities firm CreditTrade. Outsourcing to Digital Island, CreditTrade says it cut implementation and facilities operation costs by 30%, while ensuring the capacity to complete a high volume of business transactions over the Internet.
As a brokerage house specializing in credit derivatives, CreditTrade offersa hybrid telephone and online service to investment banks, insurancecompanies and fund managers dealing in credit-related instruments.Registered traders can post and negotiate buy-and-sell prices online, aswell as execute trades in liquid credit default swaps at the company's Website. More sophisticated transactions are concluded with a broker over thetelephone. All pricing and dealing data is captured in a searchablehistorical database. The system manages 5,000 interactive IP-basedtransactions per day including price requests and buy-sell trades.
"The credit derivatives market is still a young industry but this sector ismaturing rapidly with participants increasingly using the Internet as theleast costly option for both price discovery and deal trading. With over $US10 million traded as the notional value of a single transaction, it isimperative that we have an infrastructure that ensures transactions aresecurely processed in seconds - whether they originate on or offline," saysClive Castle, chief technology officer, CreditTrade.
Digital Island is managing CreditTrade's operational infrastructurerequirements with 2Transact and 2Manage services providing a secure SAS 70Type II-rated global Web infrastructure. 2Transact services combine managedhosting in London, New York and Asia, including full operating and databasesystem support, with access to Digital Island's global private network toexecute online transactions. 2Manage services enable CreditTrade to monitorhosted applications and directly maintain databases. The system supportsrealtime price dissemination and deal capture through a multi-level ITarchitecture with Java processing at the server and client system.
"Digital Island has put a particular focus on making the Internet a reliableand secure environment for financial services companies as these companiescontinue to leverage the Internet as a low cost channel to market," saysRuann Ernst, president and chief executive officer, Digital Island. "Withthe assurance of completed transactions through a two-way infrastructure,CreditTrade has been aggressive in adopting IP technology throughout itsoperations."
As a brokerage house specializing in credit derivatives, CreditTrade offersa hybrid telephone and online service to investment banks, insurancecompanies and fund managers dealing in credit-related instruments.Registered traders can post and negotiate buy-and-sell prices online, aswell as execute trades in liquid credit default swaps at the company's Website. More sophisticated transactions are concluded with a broker over thetelephone. All pricing and dealing data is captured in a searchablehistorical database. The system manages 5,000 interactive IP-basedtransactions per day including price requests and buy-sell trades.
"The credit derivatives market is still a young industry but this sector ismaturing rapidly with participants increasingly using the Internet as theleast costly option for both price discovery and deal trading. With over $US10 million traded as the notional value of a single transaction, it isimperative that we have an infrastructure that ensures transactions aresecurely processed in seconds - whether they originate on or offline," saysClive Castle, chief technology officer, CreditTrade.
Digital Island is managing CreditTrade's operational infrastructurerequirements with 2Transact and 2Manage services providing a secure SAS 70Type II-rated global Web infrastructure. 2Transact services combine managedhosting in London, New York and Asia, including full operating and databasesystem support, with access to Digital Island's global private network toexecute online transactions. 2Manage services enable CreditTrade to monitorhosted applications and directly maintain databases. The system supportsrealtime price dissemination and deal capture through a multi-level ITarchitecture with Java processing at the server and client system.
"Digital Island has put a particular focus on making the Internet a reliableand secure environment for financial services companies as these companiescontinue to leverage the Internet as a low cost channel to market," saysRuann Ernst, president and chief executive officer, Digital Island. "Withthe assurance of completed transactions through a two-way infrastructure,CreditTrade has been aggressive in adopting IP technology throughout itsoperations."
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