Will use its cloud-based OTC trading platform, DerivativeEDGETM, to manage origination, execution, and servicing of its interest rate derivatives
Derivative Path, Inc. is pleased to announce that USAmeriBank (OTCMKTS: USAB), a bank with over $3.4 billion in assets based in Clearwater, FL, has signed up with Derivative Path to execute, manage, and service its interest rate derivatives portfolio.
After months of evaluating various trading platforms as well as derivatives advisory companies, USAmeriBank chose Derivative Path. The bank was focused on finding a firm which offered a scalable trading platform to manage the full lifecycle of its derivative trades, and it found that and more in Derivative Path.
”We needed a highly functional front- and back-office platform to manage our growing derivatives book,” said David Ide, Chief Investment Officer at USAmeriBank. “This platform makes our front-office more effective in being able to price different structures on the fly while making our back-office more efficient. DerivativeEDGETMwill be of tremendous help as we build on our already robust financial strength, a key as we help our customers with their banking needs.”
The state-of-the-art DerivativeEDGETM platform has been designed to be a one stop shop for derivative trading and servicing. With DerivativeEDGETM, clients have the front-, mid-, and back-office functionality all in one platform, eliminating inefficiencies of working with disparate systems to manage different aspects of the business. DerivativeEDGETM is currently being used by many financial institutions and buy-side institutional clients across the United States, giving them the tools to intuitively structure, price and maintain interest rate derivatives. The platform comes complete with real time market data and connectivity to DTCC for swap data reporting, and to Markit for cleared trade affirmation. The system is designed within a framework that also aids users in meeting their Dodd-Frank requirements as it relates to the execution of transactions with commercial clients and dealer counterparties as well as ongoing data and document retention requirements. Administrators are able to manage user profiles with roles-based permissions and workflows, to ensure controls and appropriate separation of duties.
“The team at Derivative Path has created a powerful platform,” said Brian Chunn, Vice President and Capital Markets Strategist at USAmeriBank. “Whether you are pricing a plain vanilla swap or a more esoteric cancelable swap, the system is highly intuitive and far exceeds the capabilities of our previous system. It took less than a week for Derivative Path to onboard our large existing swaps portfolio, and we were very impressed by that.”
“We are thrilled that USAmeriBank has signed on with us,” said Pradeep Bhatia, Co-Founder and Co-CEO of Derivative Path. “USAmeriBank’s decision to choose Derivative Path to enhance their interest rate derivative offering, is a testament to the extraordinary capabilities of our system for financial institutions, buy-side, and end users. In addition to providing functionality for all of the pre- and post-trade compliance requirements, we have kept a singular focus in designing DerivativeEDGETM to make the platform a pleasure to use for sales, trading and operations personnel alike.”
