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May 13, 2002
New York - London
ISSN 1047-2908 Vol 17 No 32 |
Harco Technology, a provider of market data monitoring tools for
the trading floor, has secured global deals with Salomon Smith Barney
and Royal Bank of Scotland for its Data Access and Reporting Tool
(Dart). The banks are using Dart to eliminate unused market data
services and cut costs.
Salomon Smith Barney completed the implementation of Dart in New
York in December and London last month. The installation date of
the system in Asia is yet to be decided, Harco says.
Guy Lammert, head of market data, UK at Royal Bank of Scotland,
says Dart will go live in New York in a couple of weeks with Asia/Pacific
to follow by the end of the year.
The bank is expanding its use of Dart globally after installing
it two years ago on its London trading floor to monitor its European
traders' data usage.
"We found great value using it in London and so decided to deploy
it globally,"Lammert says. "We've already saved money, and the application
pays for itself over time."
Stuart Harvey, cofounder of Harco, says five major banks in London
and New York are piloting the system. In addition, Harco has just
won its first customer contract in Paris. "Since November 2001 we
have seen an increase in interest for the application as banks seek
to reduce their market data spend," he says. Currently, 45 trading
floors around the world are using Dart.
Separately, Harco has developed an interface to The Roberts Group's
cost inventory system, Financial Information Tracking System (FITS).
FITSclient Bear Stearns is pilot testing the interface, which enables
a market data manager to monitor the services a trader is using
and the resulting costs.
Harvey says Dart adds value to cost inventory systems by identifying
unused market data services. "The application can rapidly identify
a trader's actual use of exchange, specialist service and vendor
products." Harco already interfaces with cost inventory system MDS2000
from Market Data Services Ltd. and Infomatch from Screen Consultants.
Dart was launched in 1999 to analyze the market data services running
off the Triarch and TIB market data distribution platforms. Harvey
says the company is developing interfaces to other data distribution
systems.
Harco is also working on the ability to monitor off-trading floor
data services. Earlier this year, the vendor enabled Dart to supply
information on usage of Reuters' off-trading floor service Reuters
Market Monitor.
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