Italian FCM Banca Caboto has decided to replace its existing back office system, supplied by Rolfe and Nolan (R&N), in favor of Exchange Systems Technology’s Eclipse product. The move was viewed as significant by many in a market that has traditionally been dominated by R&N and SunGard.
EST’s MD Rob Lowry said he was delighted that Eclipse would be white labeled by Caboto for its clients. This decision shows that banks are not afraid to change mission critical systems…Performance and delivery are crucial issues in this industry and many players have been waiting too long for proven, functionally rich applications.
Although neither firm commented on the length of the contract, Spencer-Skeen said that the switch was part of a longer term business model. He added that the mentality of post trade services was changing as clearing was increasingly being seen as a revenue stream in its own right and that the change of software vendor would enable Caboto to implement a new range of services in this area.
