In an effort to integrate its trading desk and systems, Chemical Bank selected software from Infinity Financial Technology Inc. The New York company will use Infinity's Montage library and data model as the core foundation for the trading activities of its Interest Rate Management Group.
The system will provide an open warehouse for treasury data, including complex derivative products such as swaps, futures and options. It will be used for building a variety of in-house applications, from simple reporting to exotic options trading. The system will allow the bank to mix and match existing systems with third-party software and new in-house applications.
The Montage model already serves as foundation for Globalnet, a project Price Waterhouse is developing for Chemical. Initially, Globalnet will allow Chemical to consolidate foreign exchange operations into a single system, allowing traders to view everything going on at any given time.
Infinity, based in Mountain View calif., develops sophisticated software applications and tool kits.
The company also closed a deal with ABN Amro Bank, Chicago, which will use the Mongague system for trading and risk management. Infinity and ABN Amro have jointly developed a link between the Montage system and Teknekron Software Systems Inc.'s data distribution system.
The link to Teknekron will feed real-time price quotes into the Montage applications for trading and risk management. Teknekron's system distributes data from vendors such as Reuters, Telerate, Knight-Ridder, and others.
The applications are currently in operation at ABN Amro's Chicago trading floor. The bank is planning to roll it out to Toronto later this year.
ABN Amro Holding, which ranks among the top 10 European banks will more than $250 billion in assets, is head-quartered in Amsterdam.
Teknekron Software Systems specializes in distributed systems technology, and is based in Palo Alto, Calif.