Nikko Systems Solutions, a subsidiary of the Japanese Nikko Cordial Group, has teamed up with Iris Financial, a UK trading and risk management specialist, to build its new fixed income trading platform. The new bond risk management system will be built on Iris' Component Services Architecture, a J2EE-based set of development technologies, and will replace the current 10 year old bond trading platform that was also developed in partnership with Iris Financial.

The Iris bond trading system consists of four areas of core bond trading functionality: matrix pricing, trade capture, position keeping and analytics. "A couple of the main differences involved the ability of the traders to configure their desktops so that they can arrange the workflow - how they work and trade. It is much easier - we have drag and drops and configuration unique to each trader," said Michele McGovern, chief executive at Iris Financial. "Also we will be building new improvements to the pricing matrix, which is what they use to price bonds. The system's capabilities come with enhanced position keeping, trading, pricing matrix, and the ability to plug in algorithms. Currently they are using our algorithms, but they have also talked about using a possible third party tool."

"Iris Financial has proven time and time again that it has a deep understanding of the unique needs of global banks and can deliver powerful, reliable technology solutions to leading firms in the market," said Masahiro Nakajima, executive officer and supervisor of development management department at Nikko Systems.

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