London, October 17, 2002 – Front Capital Systems, an operating unit of SunGard (NYSE:SDS), announced today that Netherlands-based NIB Capital Bank has implemented the FRONT ARENA platform to support the bank's credit derivatives and interest rate derivatives business.
NIB Capital Bank, which offers financial structures and solutions for medium-sized and large businesses in the Netherlands and abroad, realised the need to enter the credit-trading market and offer additional services to its clients.
Jac Besuijen, head of treasury and trading at NIB Capital Bank, commented, "FRONT ARENA clearly stood out against its competitors as the most flexible and sophisticated system able to manage our specific requirements. We are looking to expand our credit derivatives and interest rate derivatives trading activities over the next few years and are confident that FRONT ARENA is the most comprehensive solution available."
"Credit derivatives volumes continue to increase exponentially; at the same time banks are trading more complex structures. This has made in-house build solutions based on Excel spreadsheets totally inadequate and banks are now required to implement systems, which can provide a unified framework for pricing and risk management of all credit instruments." said Gavin Style, global sales director at Front. "We are very pleased to be working with NIB Capital Bank. This contract once again proves that FRONT ARENA is a leading platform for credit trading."
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