The application migrated credit swaps traders away from their existing, unreliable system that relied too heavily on paper based processing. Traders now enter counterparty information, trade dates, structures, notionals and fees via an intuitive web interface.
Clients find this new approach far more efficient and significant cost savings have resulted on both sides.
Legal documents, such as termsheets and tickets, are automatically generated in portable PDF format for distribution to clients. Users can also access all trade details as an Excel spreadsheet for ad hoc processing and pricing.
Security issues are obviously a major concern. The authorisation and authentication implemented ensures users can only view and edit data that they are permitted to access. All user actions are logged so the full audit trail is always available. The workflow processes tracked while doing this also make the system more usable and practical.
The technologies utilised in this application will prove extremely useful in future projects.