London, 6 February 2006 – Misys Banking Systems has today announced that Bank of Communications has implemented Misys Summit FT, its .NET treasury and capital markets solution, as part of a strategic focus on exotic and structured products. Misys Banking Systems has seen substantial growth in the treasury and capital markets sector in China mainly driven by deregulation and the birth of the derivatives market. Bank of Communications is one of the key banks that is looking to adopt the latest technologies to capitalise on these market growth opportunities.
Bank of Communications, based in Hong Kong, selected Misys Summit FT after extensive research and product demonstrations. Since implementation, Misys Summit FT has enabled Bank of Communications to enter new markets more rapidly and streamline a number of services including pricing, market to market, deal capture and risk management such as Value at Risk calculations.
A bank representative said, “The ability to handle new complex trades in the marketplace was central to our decision to select Misys Summit FT. I am pleased to say that we have recently gone-live and are using the fully integrated Front Office and Middle Office elements of Summit FT to support our trading books in FX options, interest rate derivatives, fixed-income derivatives and multiple underlying structured trades.”
The bank evaluated its purchase by attending demonstrations and hands-on workshops, which proved Misys Summit FT’s value and capabilities. Alan Railton, General Manager, Treasury & Capital Markets, Misys Banking Systems, commented, “The selection process included intensive demonstration sessions of the core solution and also Misys Summit MUST. With some sample complex trades we were able to show the bank the benefits of being able to build and process structured trades without the need for spreadsheets or IT programming. With Misys Summit MUST, Bank of Communications is able to bring structured and exotic trades quickly to market, maximise margins and keep costs to a minimum. Front-Office traders and Middle-Office risk managers are the principal users, and by integrating the two environments on one solution, Bank of Communications is well positioned to drive its trading business forwards.”
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For further information contact:
Suzanne McLaughlin
Global Marketing Communications Manager, Treasury & Capital Markets
Misys Banking Systems
+ 44 20 7549 4764
suzanne.mclaughlin@misys.com
Caroline Parker / Dan Davies
Financial Dynamics
+ 44 207 269 7295
caroline.parker@fd.com / dan.davies@fd.com
About Bank of Communications
Founded in 1908, Bank of Communications has had a long history in mainland China and was one of the first joint stock commercial banks. Following a financial restructure in 2004, the asset quality and capital adequacy ratio of Bank of Communications was well in advance of domestic peers, and a strategic partnership with HSBC has led to an acceleration in international business. Bank of Communications has a vast network of branches and sub-branches in 137 major cities in China, and branches in Hong Kong, New York, Tokyo, Singapore and Seoul, and representative offices in London and Frankfurt. Bank of Communications also has 33 subsidiaries in the PRC and 16 subsidiaries in Hong Kong.
The bank's operational revenues have continued to increase, and in June 2005 Bank of Communications became the first mainland commercial bank to be listed at the Hong Kong Stock Exchange.
About Misys Banking Systems
Misys Banking Systems supplies over 1,200 customers in over 120 countries, among them 49 of the world's top 50 banks, with software and solutions for retail banking, wholesale banking, treasury and capital markets and risk management. It has 2,600 people around the world, over 70% of whom are outside of the United Kingdom, and sales, implementation and customer support teams in over 28 countries. Misys Banking Systems is part of Misys plc.
About Misys plc
Misys plc (FTSE: MSY), the global software company, is one of the world’s largest and longest-established providers of industry-specific software. Founded in 1979, Misys serves the international banking and healthcare industries, combining technological expertise with in-depth understanding of customers’ markets and operational needs. In banking Misys is a market leader with over 1,200 customers, including 49 of the world’s top 50 banks. In healthcare Misys is also a market leader, serving more than 92,000 physicians in 18,000 practice locations, 1,250 hospitals and 600 home care providers. In UK general insurance Misys is the market leader in software solutions. Through Sesame, a wholly-owned subsidiary, the company is also a leading provider of support services to about 7,800 financial advisers in the UK. Misys employs over 6,500 people who serve customers in more than 120 countries. For more information, visit www.misys.com
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