ABN Amro's equities derivatives group based in London has purchased OM's OneWorld Securities Finance system for its securities lending and equity repo activities.
"We had an extensive list of criteria that was used in selecting a vendor," says Mark Carton, head of equity finance, ABN Amro equities derivatives. "OM Technology has the right balance of system support, existing clients and international presence to ensure we receive the expertise and support we expect."
The system will initially be used for trade capture and position keeping across the bank's equities derivatives desk in London. Carton says the bank is considering installing the package in other sites worldwide.
The off-the-shelf OM package replaces a six-year old inhouse developed application and will be delivered later this month. The final product, including all enhancements and functionality, is targeted for delivery and implementation beginning March 2001.