Abbey Financial Markets (AFM), the trading arm of the UK-based personal financial services company, has chosen Summit Systems to handle its credit derivatives trades from booking through to operations. The purchase is part of a restructuring programme that is aiming to improve STP and efficiencies in all areas. Over the past few years, AFM’s credit derivatives business has grown in volume and complexity. In addition to supporting existing non-credit risk products, the system will cover instruments such as default swaps, baskets and indexed trades. Steve White, IT client manager for credit derivatives at Abbey Financial Markets, said: ‘Credit derivatives are a very active and evolving market and Summit will give us the power to react more quickly in the handling of larger volumes and growing complexity.’
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