Bear Stearns implements new back-office derivatives system

London-based derivatives technology company Rolfe & Nolan has implemented new reconciliation and task management systems for futures and options processing at investment bank Bear Stearns.

Rolfe & Nolan said it successfully installed ‘RANrec’, which matches files and automatically highlights processing errors, and ‘RANtask’, which automates and schedules tasks and controls exchanges of data with other systems.

Jim McCarthy, European sales and marketing director for Rolfe & Nolan, said it took one week from the contract being signed to the system going live. He claims the systems will enhance straight-through processing and will have an immediate impact on profitability.

Rolfe & Nolan yesterday confirmed it has received a bid approach that may lead to an offer being made for the company. It did not name the bidder.

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