Nordea (Unibank) Luxembourg has collaborated with financial software house Raft International on the development of an order management system (OMS). The solution will be released in three stages.
Raft is replacing Nordea's shared trading sheets with an extranet solution which enables the trading desks to receive orders electronically rather than by telephone. To do this, Raft is also integrating a portfolio management application, which it had previously built, into the extranet.
This facility will enable users to spot any errors when validating deals as well as comparing data from the portfolio management area, trading desks and back-office systems.
The new solution will provide the critical link needed to enable straight-through-processing (STP). This starts with the customer on the Internet, goes on to broker routing and confirmation by the trading desk, to registration on the portfolio and booking in the Tandem/Core Banking System. This will be achieved through integration with Reuters Intertrade Direct and/or Bloomberg.