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* REY Consulting licenses WebQuery. * Gloria Kristorian is elected managing director of ADM by the DTCC. * HelioGraph announces the signing of a distributor agreement with NIWS Co., Ltd.

REY Consulting, a provider of data warehousing and report-distribution systems to the brokerage and financial-services industry, has licensed WebQuery, its data warehousing and distributed-reporting product, to Pax Clearing Corporation as part of Pax's new PEACE Clearing system. Pax, a full-service options and stock-clearing firm, provides a variety of securities trading-related services including options, futures and stock clearing and execution, financing, and risk management.

Gloria Kristorian was elected managing director of Applications Development and Maintenance (ADM) by The Depository Trust & Clearing Corporation (DTCC) Board of Directors at their June board meeting. Kristorian is responsible for DTCC's Participant Browser Services (PBS) program management, which will replace the depository's Participant Terminal System (PTS) service, as well as for the Web-based applications that provide direct support to revenue-producing business lines.

HelioGraph, a provider of financial messaging, announced the signing of a distributor agreement with Tokyo-based financial IT supplier, NIWS Co., Ltd. According to the agreement, NIWS will begin offering HelioGraph's range of STP to its Japanese clients from July onwards.

Trema, a provider of strategic software solutions for the financial industry, announced that Discovery Capital Management, a hedge fund based in South Norwalk, Conn., has selected Trema Finance KIT. Discovery will be the first hedge fund in the U.S. to use Trema Finance KIT's straight-through processing, risk management and real-time capabilities.

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