Keen to reduce its reliance on outsourcing, trading company Tricom Equities Ltd, is implementing stockbrocking software to manage all of its front and back office functions.
In the past three years, Tricom's business has more than doubled. As with any rapidly growing company, Tricom CFO, Werner Stals, said the challenge is to leverage economies of scale, ensure new business is profitable business, and maintain levels of customer service.
"We looked at what would enable us to do achieve this, and pretty quickly identified that our choice of underlying technology was a critical factor," Stals said.
"We also recognised it was increasingly important to be able to manage services internally rather than outsourcing.
"So we started looking for a Windows-based product that was easy-to-use, modern, flexible enough to accommodate our broad range of requirements and scalable enough to grow with us as we expand."
As a result the company has implemented the SecuritEase system, which is a multi-market, multi-currency back office settlement system for stockbrokers and non-broker ASX market participants. It has CHESS communication and messaging accreditation and can be used as a standalone gateway or a fully integrated back office system.
Tricom is the second Australian company to implement the software since it was introduced to the local market in 2006. The first company was ASX-listed Tolhurst Limited .
With 240 staff, Tricom has offices in Australia, New Zealand, Switzerland and Hong Kong. Plans are underway to open an office in China later this year.
The SecuritEase® System is a comprehensive multi-market, multi-currency, multi-company back office settlement system for stockbrokers and non-broker ASX market participants. It has CHESS communication and messaging accreditation and can be used as a standalone CHESS gateway or as a fully integrated back office system.
Since the system was first released in New Zealand back in December 2002, it has managed to win 45 percent of all equities market transactions in that country.
Stals said the system has been customized to meet its requirements and is part of a broader business strategy to take full control of its back office.
He said the software will support stock broking settlement and margin lending systems and SecuritEase is providing training and support as part of the installation.
"The SecuritEase team can develop a margin-lending module that is fully integrated into the SecuritEase suite - which means that Tricom staff can do everything they need to from a single application," Stals said.
"This integration offers huge benefits in terms of ease-of-use, reduced training, improved compliance reporting and risk management and provides the ability to service client's needs more efficiently."
SecuritEase managing director, Bill Tonkin, said the software is expected to be operating at Tricom in November 2007.
"Last financial year we successfully launched the system in Australia and announced Tolhurst as the first Australian customer," he said.
"This year we intend to roll out a wave of customer implementations."