Commonwealth Bank of Australia is to use Imagine Software's Web-based Derivatives.com service to supply portfolio and risk management systems to its newly-formed derivatives trading operation.
Derivatives.com is a real-time over-the-Internet trading and risk management system, supporting equity and fixed income derivatives instruments, in an ASP format. The system also performs middle and back office functions including corporate actions maintenance, daily event processing, and standard pricing curve generation.
CBA will use Derivatives.com initially on three trading seats, which will be available to the bank's traders and managers via the Internet from any location worldwide.
"The decision to use Derivatives.com has been easy because it saved us development time and we can go to market nearly straightaway," says Stephen Richards, CBA's head of equity trading and risk.
By going the ASP route the bank has gained access to trading and management tools that would otherwise have required expensive customisation and lengthy installation he adds.
Scott Sherman, Imagine partner and head of sales, comments: "Many enterprises want into the derivatives markets, but they don't want to buy or build huge IT systems. With the Derivatives.com ASP, they get the power of Imagine with the click of a mouse."