How Morgan Stanley Coped With Coopers' CAD System


Morgan Stanley in London has begun using Coopers & Lybrand's as-yet-incomplete Secam+ product, albeit in a limited fashion, to meet the European Union's Capital Adequacy Directive (CAD) requirements, which went into effect with the new year.

Secam+, which has become known for its protracted development time, is being written by Coopers together with a 23-member consortium of financial institutions, including Morgan Stanley, Lehman Brothers and Goldman Sachs.

As a securities trading house, Morgan

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