AFA SYSTEMS SIGNS CONTRACT WITH IDBBANK

AFA Systems, the global provider of advanced software solutions for the banking and asset management industries, announced that IDBBank (a registered service mark of Israel Discount Bank of New York, a member of the FDIC), which is the 7th largest commercial bank in the New York area, signed a contract to implement DART Maths Library, an element of the DART product suite, in its main office at 511 Fifth Avenue, NYC. DART Maths Library has been installed in IDBBank’s Treasury Department and in IDB Capital, the Bank’s broker-dealer subsidiary.

The new software complements IDBBank’s existing treasury management system by providing the Bank with a price discovery system enabling faster and more accurate trade analysis. As well as providing initial implementation, AFA Systems will deliver support services on an ongoing basis.

The DART product suite is a range of products and services relating to pricing and risk management, systems development and training for the global derivatives marketplace. It offers an extensive range of instrument coverage, accuracy of information and speed of response necessary to support both the Exchange Traded and OTC global derivatives business.

The DART Maths Library delivers DART’s proven mathematics, validated in the market for over 15 years, in a flexible and structured technology solution. The DART Maths Library is designed to ensure that DART can continue to react quickly to the continually changing demands of the market by providing the pricing and risk management solutions required with clear and rapid return on investment.

Louis Turano, Vice President of IDBBank, comments, "We are pleased with the ability of the DART Product Suite to price across a broad range of asset classes. The organization's capital markets expertise and consultative approach to implementations, combined with the DART pricing capabilities, makes AFA Systems a valued solutions partner.As a company, we decided to invest in DART Maths Library because of the extensive functionality provided today. We also had the confidence that AFA Systems have a solid structure in place to provide support in the long term."

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