Garban-Intercapital has selected the Rims Capital Markets system in a move to replace four settlement systems it currently uses in London.
The firm plans to use Rims to process and settle trades in a broad range of instruments, including bonds, equities, repo's and stock loans, on a single, enterprise-wide, back office system.
Lance Fisher, director at Garban-Intercapital, says the firm opted for Rims after receiving favourable reports from other users. He adds: "The implementation of Rims will provide a strong platform to facilitate further significant business growth at Garban-Intercapital including the introduction of ETC, our electronic trading platform. It will enable us to rationalise our current matched principal back office systems and consolidate onto one strategic solution going forward."
The Rims product business was acquired from independent software house Synopsys by ACT back in May 2000. Frank Walter, ACT’s chief operating officer, comments: "The full support of ACT, and its parent company, Misys, has effectively boosted the market’s confidence in Rims as a long term, strategic capital markets product."
In support of this, he points to recent benchmarking tests conducted at IBM's labs in France, demonstrating the capacity of Rims to handle 750,000 trades a day on a 12CPU machine, and close to 1.5 million trades a day, or 140,000 trades per hour, on a 24CPU machine.
Walters says the latest version of the system, Rims 2.2, utilises features such as 64 byte memory addressing and table partitioning of Oracle 8, the combination of which should push performance through the two million trades per day mark.