- Will use its cloud-based OTC trading platform, DerivativeEDGE(TM), to manage trade execution, sales, operations and Dodd-Frank compliance of its interest rate derivatives activity
Bryn Mawr Trust (BMT), a subsidiary of Bryn Mawr Bank Corporation (NASDAQ:BMTC), has signed on with Derivative Path Inc. to enhance its commercial interest rate derivatives offering. The $3.29 billion financial services company, based in Pennsylvania, will utilize state-of-the-art capabilities of DerivativeEDGETM, an end-to-end cloud-based OTC derivative trading platform to execute, manage, and service its interest rate derivatives portfolio.
Neil Orechiwsky, Managing Director of Capital Markets for BMTC stated, “Our Capital Markets Team knew that we needed to obtain the best system possible to serve as our system of record for pricing, valuations, and the administrative servicing of our derivatives program. After an in-depth analysis of the technology options available, we found Derivative Path’s platform to be the most suitable for how we wanted to deliver our services to market.
The DerivativeEDGETM system is a highly scalable software-as-a-service platform which allows our team to have full control over every aspect of pre- and post-trade functional requirements, including Dodd-Frank compliance tasks. Even more, a number of front- and back-office tasks are completely automated through their system, providing significant efficiencies, and enabling us to deploy with a lighter staffing footprint as we initiated operations. The Derivative Path team worked with us diligently to customize the platform to our branding and functional needs which has validated it as the ideal solution for our bank. I look forward to seeing our partnership with Derivative Path grow just as we grow our program in the years to come”.
The state-of-the-art DerivativeEDGETM platform has been designed to be a complete end-to-end solution for derivative trading and servicing. With DerivativeEDGETM, users have front-, mid-, and back-office functionality in one platform, eliminating the inefficiencies of working with disparate systems to manage various aspects of the business. 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 related 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.
Reflecting on the new partnership, Derivative Path’s Co-Founder and Co-CEO, Pradeep Bhatia, commented “we are extremely excited that Bryn Mawr Trust has signed on with us. The decision by Neil and his team to move forward with their program utilizing our technology as their central platform is truly a testament to the superior quality and best-in-class performance we’ve made available to our clients through DerivativeEDGETM. We’re excited to have Bryn Mawr Trust using our system, and look forward to partnering with Neil and his team to enhance the platform even more as they continue to build their business.”
