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TurnQuay Solutions Limited (TSL) announces a world-wide agreement with Novell under which TSL is appointed Novell's Vertical Industry Partner (VIP) for the financial trading market. London, 3rd November 1995--Under this Agreement TSL will select Novell NetWare-compliant software products for distribution within the financial trading market and will appoint resellers for these products. TSL plans to concentrate initially on the European segment of the market, but will expand to North America and to the Asia-Pacific region during the course of 1996. TSL Chairman John Jessop said "This initiative will change the structure of today's technology for the financial trading market, not only for trading room systems, but for the world-wide dissemination and subsequent control of information throughout an organisation, to the substantial benefit of customers, and for information and software vendors alike. NetWare 4 systematically addresses most of the particular requirements of trading room systems and applications which have previously been implemented, by numerous competing vendors." The first product to be marketed by TSL under the VIP agreement will be the MTi OpenTrade platform for market information distribution. TSL regards this as a key-stone product, since such systems tend to become the focal point for the integration of other trading-related applications and systems. OpenTrade is well-established, proven, and state-of-the-art, in a mature market where it is increasingly difficult to distinguish between competing products and yet where there are no common standards or infrastructure in place, such as published APIs. Peter Morris, Managing Director of MTi Trading Systems said "For some time now we have been providing robust and reliable platform software in the financial trading market, and this now enables a much broader use of MTi technology as an infrastructure that draws together all the systems and processes together onto the OpenTrade platform. We regard this licence agreement with Novell as a significant step in MTi's expansion in providing enabling technology and components to promote information integration." The forthcoming Novell NetWare-compliant version of OpenTrade will be marketed aggressively by TSL through Novell distribution channels. "It is our aim to commoditise trading room systems technology and to remove the expensive mystique from the buying process," said Maxwell-Smith, "We will achieve this by offering low-cost software licences and a simplified approach to the proposal, purchase, installation and support of such systems." Novell is the acknowledged global leader in network technology, including the financial services industry. The VIP initiative is part of a Novell strategy involving partnership with the world's leading telecommunications and IT companies, among others, to establish a 'smart global network' based on NetWare's de facto standards and aimed at enabling 'pervasive computing,' with information made available 'any time anyplace.' Ian Fraser, Vice President Novell EMEA says "The agreement with TurnQuay is another example of Novell's partnerships in action, where the 'smart global network' can now begin to provide core functionality in the specialised area of financial trading. "The current paradigm by which systems which comprise just feed-handlers and the ability to distribute data is now rapidly becoming obsolete." Maxwell-Smith says, "This is consistently the case with any technology, and provides a solution that is simply inadequate in today's complex trading markets. The financial institution of today must be able to rely on a solution that enables them to control the flow of all data throughout the organisation, and to be able to offer a variety of value-added applications, from many different sources, that can be effortlessly integrated into the network. Most or all server functions and some workstation applications will foreseeably be provided by the smart global network. The resultant system will be highly functional and will easily integrate with virtually all other systems within an enterprise, including external customer and supplier systems. It offers as standard, an unprecedented level of system management, network and data control, thus ensuring that the technology is used to run the business rather than dictating what can be achieved. Novell value-added network services offer the additional benefits of the Managewise management solution, routing, data, voice, video, billing and auditing. The proposed solution will be able to integrate applications and services from a substantial variety of sources, and will 'clip-on' via a 'Universal Adapter' to the majority of existing closed and proprietary systems installed today. The solution on offer will provide a reliable and secure business-to-business network on virtually all hardware platforms and through NetWare Connect Services (NCS), users will be able to connect to other NetWare networks -- which currently connects 2.5 million servers with 50 million users -- and other networks such as the Internet, thereby creating the next generation of systems, with the appropriate level of network, and subsequently business management required. Background Information: TSL is a privately owned company, initially formed by a number of senior executives within the trading systems and market data industry. The Chairman of the Company is John Jessop, formerly Senior Executive VP of Telerate Inc. and a former executive of Reuters. Robert Maxwell-Smith, whose career spans periods with Reuters, Data Logic, Aregon and Dow Jones Telerate will head TSL's European operation as Managing Director. The Company mission is to provide Novell NetWare based solutions and services on a commoditised basis to the global financial market through appointed resellers. For further information regarding this Press Release and TSL Products and Services please contact:
Claire Walsh/Richard Leslie For further information on Novell Products and Services please contact:
Jackie Boxall Mti specialises in the development, installation and support of international banking software and integrated trading room solutions. MTi incorporates two core products: Abraxsys and the OpenTrade family which includes the advanced traders desk-top, TradeWizard. With annual revenues of approximately US$40 million and a work force of over 250 skilled personnel, MTi provides support in all the major financial centres and has over 100 customers world-wide. MTi is quoted on NASDAQ under the symbol #MTCI'. For further information on MTi Products and Services please contact:
Peter Morris
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