AFA Systems, a provider of software to banks and fund managers, says that Israel Discount Bank of New York has bought its DART Maths Library for its Treasury Department and IDB Capital, the bank’s broker-dealer subsidiary. The new software provides the bank with a price discovery system.
The DART product suite includes a number of applications useful for pricing and risk management in both the exchange traded and OTC derivatives markets.
“We are pleased with the ability of the DART Product Suite to price across a broad range of asset classes,” says Louis Turano, Vice President of IDBBank. “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.”
AFA Systems says it has 120 clients in 20 countries. The company was listed on the Alternative Investment Market of the London Stock Exchange in 1996. It employs 180 people in London, Cape Town, Belfast and Hong Kong.