Chemical Banking Corp. has purchased software from Reuters America Inc. that will enable 200 traders to access and distribute real-time information, through networks of personal computers.
Reuters is a third-party reseller of the two systems, called Real Time and Spreadsheets, developed by Applix Inc.
Together, the software tools are designed to provide spreadsheet users with real-time market information. The Applix systems are also linked with Reuters' data distribution software, called Triarch 2000.
"We have a pilot running with 15 users," said Brian Slater, managing director with Chemical. "The pilot will be finished by mid-August, and then we plan on a fairly aggressive roll-out to every desk." Terms of the deal between Reuters and Chemical were not disclosed.
Chemical plans to use the products on the foreign exchange, derivatives, and government and municipal bonds trading desks.
Applix, based in Westboro, Mass., develops software for client-server environments. The systems will allow Chemical's traders to access and distribute real-time information through PC or workstation networks.
Combining Information
The Applix products will be integrated with Reuter's Triarch 2000 trading room information systems that run on Sun Microsystems workstations.
Triarch 2000 permits traders to tap into "information from a variety of sources, including Dow Jones and Knight Ridder, and combine it with data to crunch these numbers so they are easy to deal with," said Bob Crooke, a Reuters spokesman.
Anne Buckelew, marketing manager with Applix, said that the industry is shifting to client-server systems because banks, especially those with downsizing strategies, are moving away from mainframes to more flexible and inexpensive systems.
She added that Republic National Bank is another major financial institution that has purchased the Applix software.
"They've customized it and given it to all their front-office, people, basically getting rid of the older technology and dumb terminals," Ms. Buckelew said.
Chemical also plans to add a third system from the firm, called Applix Data, which is designed to allow traders access to Chemical's in-house data base.
In addition to Reuters, two other companies - Micrognosis Inc. and Teknekron Software Systems Inc. - recently announced plans to resell Applix's products. The Real Time and Spreadsheets software integrate with the Micrognosis' and Teknekron's room systems.
Applix customers also include BankAmerica, Italy's Banca Popolare di Bergamo, and the New York Stock EXchange.
The list price for the Real Time software is $1,295. Spreadsheets sells for $495.
