CBA buys Ubitrade derivatives solution

Sydney-based Commonwealth Bank of Australia (CBA) has bought French software firm Ubitrade's futures and options package for use across its trading operations in Sydney.

Ubitrade Futures & Options is a straight-through processing system covering order routing to trade booking of listed derivatives across major financial markets. The system will replace CBA's Octagon system from Sungard. Ubitrade was in competition with Sungard's GMI system and Rolfe & Nolan's BSI solution.

The system includes pre-emptive risk management, post-execution risk management, back-office processing and internet access for end-users. It allows the bank's clients to access their positions, statements and trades in real time, and they can download information into their own position-keeping, risk management and accounting systems.

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