FOR IMMEDIATE RELEASE
QBE MANAGEMENT SELECTS ELECTRA'S ACTioN TO AUTOMATE TRADE COMMUNICATION AND NOTIFICATION
Electra’s Global Reach Continues to Expand with Installation in Australia’s Largest Insurance Group
October 22, 2007 – New York, NY - Electra Information Systems, a leading provider of reconciliation, trade automation and settlements solutions, announced today that QBE Management Services Pty Ltd, a subsidiary of QBE Insurance Group, Australia’s largest international insurance and reinsurance group and one of the top 25 in the world, has chosen Electra’s ACTioN, the leading settlements and communication solution in the investment management industry, to support its continued growth.
Following a comprehensive system selection process, QBE Management selected Electra’s ACTioN as the platform to automate the generation and transmission of securities trade notification messages to its custodian banks. The deal represents the first implementation for Electra’s ACTioN in Australia. Flexible integration to other third party applications including a trade order management system was a key requirement along with the ability to easily integrate and extend communications to a wide range of custodians.
David Pitcher, Senior Program Manager, QBE Management commented, “The deployment of Electra’s ACTioN provides a scalable solution that improves efficiency and allows us to meet our goal of improving our back office efficiencies to support our growth.”
Ian Danic, Managing Director of Electra, commented: “We are delighted to be working together with QBE Management in their implementation of ACTioN and look forward to moving into production. We are particularly excited to have QBE Management as our first customer in Australia, further expanding our global footprint and strengthening our presence in the Pacific Rim.”
Electra Information Systems ACTioN automates trade matching and the generation and transmission of securities trade notification messages from investment managers to custodian banks. ACTioN communicates with over hundreds of custodians and brokers, across the globe.
About Electra
Electra Information Systems, Inc. is an industry innovator, providing solutions for data aggregation, reconciliation and settlements. Electra brings unparalleled expertise in delivering highly effective, easily implemented solutions that are used by 40% of the top 25 investment managers in the US. Electra has become a market leader in providing reconciliation and exception management, and trade matching and settlements solutions. Electra processes detailed information on over 1.5 trillion dollars (US$) in cash and securities holdings daily.
Electra customers cover the breadth of the financial services industry, including Investment Managers, Hedge Funds, Insurance Companies, Custodial Institutions, and Banks. Founded in 1998, Electra is headquartered in New York City. For more information about Electra’s products and services, visit www.electrainfo.com.
Media Contacts:
Ian Danic
212-696-1595
idanic@electrainfo.com
381 Park Avenue South Suite 1413 New York NY 10016-8806
p: 212.696.1595 f: 212.696.1599
www.electrainfo.com
