The Resolution Trust Corp. has hired Midland Data Systems Inc. to run the systems that manage the disposition of debt and equity securities from financial institutions in RTC conservatorship.
The systems to be managed by Kansas City, Mo.-based Midland are also used for short-term cash investments on behalf of RTC-managed institutions.
The agreement spans one year, with the possibility of three one-year extensions. Financial terms of the agreement were not disclosed.
The system operated by Midland will handle 5,000 active securities and a comparable number of inactive securities.
The agreement is the second between the RTC and Midland. Midland Data, a subsidiary of Midland Loan Services, also developed two of the systems that the RTC uses to interface with its asset management contractors.