The Natwest Financial Markets Group, a subsidiary of National Westminister Bank USA, recently purchased the Cmark and Limits systems from ACT Financial Systems Inc., New York
The unit will be using Cmark to handle back-office
trade processing, accounting, clearing and settlement for derivatives,. The system is comprised of modules for swaps, caps and floors, futures, options, and forward rate agreements. It is designed to help Natwest maintain the controls needed to handle an increased volume of derivative activities.
The Limits system will work alongside Cmark to track the unit's counterparty relationships. It producer on-line reports of limits, warns of thresholds broken, and produces a range of end-of-day reports.
This deal marks the first ACT Financial Systems sale to a Natwest group in the United States. Natwest USA is a wholly owned subsidiary of National Westminister Bank PLC, with which ACT already has a relationahip in the United Kingdom.
The installation began with the implementation of the swaps module.
