Menu
25/08/2008
Newry Software Firm Looks East
As the 2008 Olympics came to a close at the weekend, a Newry-based financial software development company is looking east.
It has secured a deal worth more than £300,000 with a leading global financial institution in Asia.
First Derivatives has developed a highly innovative financial management software called qAlgo, which will be adopted by the Asian operations of the financial institution who name has not been revealed because of commercial confidentiality.
The new software was developed following an £800,000 investment by First Derivatives to which Invest NI offered financial assistance totalling £227,921.
The system uses leading edge grid computing combined with vector database technology to enable financial institutions to gather and analyse complex market data quickly in order to implement major investment decisions.
The software can process a greater amount of data at higher speeds than other similar applications, reducing usage costs for the client.
Michael O'Neill, Chief Operating Officer of First Derivatives, said: "In the fast-moving financial services sector, it is essential that companies have as much information as possible on which to base investment and trading decisions.
"This requires software which can quickly and effectively gather and analyse a multitude of market data and use this to predict outcomes which, although never certain, are feasible and risk-managed.
"Our new system is the culmination of three years' development with the support of Invest NI and features speed and functionality which differentiate it from our competitors," he concluded.
(BMcC)
It has secured a deal worth more than £300,000 with a leading global financial institution in Asia.
First Derivatives has developed a highly innovative financial management software called qAlgo, which will be adopted by the Asian operations of the financial institution who name has not been revealed because of commercial confidentiality.
The new software was developed following an £800,000 investment by First Derivatives to which Invest NI offered financial assistance totalling £227,921.
The system uses leading edge grid computing combined with vector database technology to enable financial institutions to gather and analyse complex market data quickly in order to implement major investment decisions.
The software can process a greater amount of data at higher speeds than other similar applications, reducing usage costs for the client.
Michael O'Neill, Chief Operating Officer of First Derivatives, said: "In the fast-moving financial services sector, it is essential that companies have as much information as possible on which to base investment and trading decisions.
"This requires software which can quickly and effectively gather and analyse a multitude of market data and use this to predict outcomes which, although never certain, are feasible and risk-managed.
"Our new system is the culmination of three years' development with the support of Invest NI and features speed and functionality which differentiate it from our competitors," he concluded.
(BMcC)
Related Northern Ireland News Stories
Click here for the latest headlines.
25 November 2024
Other News In Brief
DfC Launch Public Consultation On Gender Pay Gap A consultation on proposed changes to Section 19 of the Employment Act (Northern Ireland) relating to the requirements for employers to publish information on the pay of male and female employees has been launched by the Department for Communities.
Other News In Brief
DfC Launch Public Consultation On Gender Pay Gap A consultation on proposed changes to Section 19 of the Employment Act (Northern Ireland) relating to the requirements for employers to publish information on the pay of male and female employees has been launched by the Department for Communities.
14 November 2024
Minister Murphy Raises Economic Concerns in London
Economy Minister Conor Murphy today raised a number of key economic issues with British Government Ministers during a visit to London.
Minister Murphy Raises Economic Concerns in London
Economy Minister Conor Murphy today raised a number of key economic issues with British Government Ministers during a visit to London.
19 November 2024
Seating Matters To Create 62 New Jobs In £3.7m Investment
Economy Minister Conor Murphy has announced a significant investment by Seating Matters, a leading global manufacturer of therapeutic seating solutions. The company will invest £3.7 million in its facilities in Limavady and Derry, creating 62 new jobs over the next two years.
Seating Matters To Create 62 New Jobs In £3.7m Investment
Economy Minister Conor Murphy has announced a significant investment by Seating Matters, a leading global manufacturer of therapeutic seating solutions. The company will invest £3.7 million in its facilities in Limavady and Derry, creating 62 new jobs over the next two years.
25 November 2024
Ergo Invests £4.5m In NI Expansion
Leading IT solutions provider, Ergo, will invest £4.5 million to expand into Northern Ireland, creating 40 high-quality jobs over the next three years.
Ergo Invests £4.5m In NI Expansion
Leading IT solutions provider, Ergo, will invest £4.5 million to expand into Northern Ireland, creating 40 high-quality jobs over the next three years.
25 November 2024
SDLP Seeks Views On Proposed Regional Jobs, Skills and Investment Bill
The SDLP has announced the launch of a public consultation of their proposed Regional Jobs, Skills and Investment Bill, describing it as an opportunity to rebalance the economy across the North. The consultation opened online today and will close on Sunday 16th February.
SDLP Seeks Views On Proposed Regional Jobs, Skills and Investment Bill
The SDLP has announced the launch of a public consultation of their proposed Regional Jobs, Skills and Investment Bill, describing it as an opportunity to rebalance the economy across the North. The consultation opened online today and will close on Sunday 16th February.
-
Northern Ireland WeatherThis Evening and Tonight:Rain clearing away east by early evening with some clear spells but a few showers likely to affect the North coast and other areas towards dawn, remaining breezy and mild overnight. Minimum temperature 9 °C.
