Jameson Bank (Jameson), headquartered in Toronto, has licensed Spectrum’s treasury system and foreign exchange (FX) reporting portal from financial software systems. Jameson will use Spectrum to manage all of its trading and treasury activities.
Since 1989 Jameson’s traders have been helping small and medium sized businesses mitigate the risks of volatile currency markets. Jameson proactively monitors the markets and provides timely updates and strategies to plan for contingencies, minimise costs, exploit opportunities and improve the bottom line of their clients. The bank combines the service of a boutique with the security of a CDIC insured Schedule I Bank. With locations in Toronto, Montreal, and Ottawa, Jameson will use Spectrum to grow its FX business and market share throughout Canada. To speed the implementation of Spectrum, Jameson will use Financial Software Systems’ secure hosting services.
Jameson will use Spectrum to manage its FX spot, forward, swap trading and client vostro accounts. For front-office traders, transactions captured in Spectrum are instantly reflected in Spectrum’s real-time position, profit and loss (P&L), cash flow and currency risk blotters. In the middle-office Spectrum will provide real-time credit risk management through pre-trade and post-trade credit limit checks. Jameson will also use Spectrum’s collateralised trading module to support clients that trade on an enhanced-credit basis. Spectrum’s real-time collateralised trading module continuously calculates clients’ margin requirements and will automatically prepare margin calls as needed.
Spectrum will provide operational efficiencies to Jameson with true straight-through processing (STP) of all transactions in a single database. Spectrum’s back-office processing includes, confirmation and payment generation, full SWIFT and CLS compatibility, and preparation of general ledger accounting entries. In addition to licensing the core Spectrum system, Jameson also licensed Spectrum’s FX reporting portal, which will allow the bank’s clients to view their FX transactions, FX positions and P&L in near-real-time over the internet. Jameson’s clients will also be able to retrieve and view their daily and monthly statements through the portal.
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