LGS Selected by Londex as Preferred Global Integration Partner
JULY 19, 1999
MONTREAL, QUEBEC--LGS Group Inc. is pleased to announce that it
has been selected by Londex International Limited as its preferred
global integration partner for its Opex trade and document
exchange system for the derivatives trading market. With this
partnership, LGS' ecommerce+ business unit will deliver services
and solutions to several of the world's largest banks.
LGS' responsibility will be to integrate the Opex application
progamming interfaces into the banking community back-office
systems world wide. Clients will include many of the world's
largest banks, including derivative specialists within general
bank institutions. The amount of the agreement between Londex, a
subsidiary of SNS/Assure Corp., was not disclosed.
Derivatives are complex transactions which require significant
amounts of documentation to be exchanged between the counterparts
of a trade. The Londex service will substantially streamline the
paper and people-intensive process of managing and confirming
trades. LGS' integration work will be carried out in London and
in New York initially. A second phase will follow in other
geographical parts of the world including Canada.
Commenting on this contract, LGS President Raymond Lafontaine said
that this project positions the company into the application of
cutting-edge technology required for global trading markets, and
leverages LGS expertise in Internet and component software
technologies. This initiative continues LGS' expansion into
international and financial services markets.
Jim McGinley, Executive Vice President/General Manager SNS/Assure
Corp. stated that "LGS plays an important role in helping our
customers quickly realize the benefits of Londex".
Londex was established to provide value added WAN (Wide Area
Network) services to the financial markets. It has now set up
global messaging services from its centre in London, England. The
first service enables the exchange of secure trade messages and
automated matching of derivative trade details. This reduces the
time and cost involved in agreeing trades and reconciling
difference, and reduces the time exposed to risk. In addition,
Londex provides a day by day Collateral Reconciliation
Service.This considerably enhances the overall control of risk
management. SNS/Assure Corp. is a leading Toronto-based provider
of electronic commerce products and value-added services primarily
to the financial services, health care, transportation, logistics,
retail and manufacturing industries. More information on
SNS/Assure is available on their website at www.sns.ca ecommerce+
A business unit of LGS Group Inc., ecommerce+ provides secure
Internet and telephony solutions that help organizations better
manage their interactions with clients, suppliers and partners.
It brings together world-class expertise in security, applied
telephony and Internet.
LGS Group Inc. (LGSA at NASDAQ, LGS.A at ME) is one of Canada's
largest information technology consulting firms specializing in
management and systems integration. With annual sales of $230
million, LGS employs more than 2,200 professionals in 20 offices
in Canada, the United States and Europe. The company is active in
most areas of the private and public sectors.
This release may contain forward-looking statements that involve
risks and uncertainties which might cause the actual results to
differ materially from those projected. Potential risks and
uncertainties include the ability to procure, properly price,
retain, and successfully complete projects, the availability of
technical personnel, and competition. These risks and
uncertainties are discussed under the heading "Risk Management "
in the Company's Annual Report. |
