Source award highlights Rule Financial innovation

SOURCE, the specialist provider of Exchange Traded Products, has won a major award for Technical Innovation at the Structured Products Awards 2009.

Source is an independent provider of Exchange Traded Products launched in April 2009. Source’s key partners include BoA Merrill Lynch, Goldman Sachs, Morgan Stanley and Nomura.

Rule Financial, the City of London’s leading independent IT and business consultancy, contributed technical and business innovation to Source with the creation of ETF Manager. ETF Manager is a web‐based workflow tool for the creation and redemption of ETFs in a multi‐party trading environment. It replaces the time‐consuming, error‐prone processes involving emails and faxes and instead delivers consistent, controlled and automated communication.

When Source was preparing to enter the European ETF market it knew that if it was successful it would have to handle daily transaction flow significantly larger than any current provider. As a result, Source wanted to build a platform which would make the ETF creation and redemption process more efficient.

Source, with the help of Rule Financial and working with its partners, Assenagon and Bank of Ireland, has created ETF Manager, providing its users with an exceptionally well‐designed tool that makes using its platform as easy as possible.

“ETF Manager is about marrying business processes with technology in order to exploit the opportunities of the market.” explains Michael John Lytle, Director of Marketing at Source. “With ETFs, as with any other area of the financial industry today, the use of technology isn’t a question: it’s a given, due to the sheer quantity of information we’re processing.” he says.