The bank needed to replace an existing system that was limiting its ambitions, in particular it was unable to offer the advanced functionality required for inflation products and building zero curves on a basis of TELBOR and ILS bonds prices. Mizrahi Tefahot Bank selected Misys Summit FT following in-depth demonstrations, workshops and an RFI process.
Misys Summit FT will give the bank full coverage of interest rate including related inflation products and Israeli Government Bonds (Galil, Gilon and Shahar). This will enable the bank to reshape dynamically its portfolio by changing the fixed/float mix, and thus providing better management of its currency risk and rates exposure.
Shlomi Friedman, Accounting, IT & Operation Manager at Mizrahi Tefahot Bank, comments, ”For a modern bank wishing to participate in Israel’s rapidly growing ILS and CPI rates marketplace, it is essential to have a software solution in place that both delivers high-speed, real-time workflow and can also handle virtually any type of deal structure including exotic hybrids. With Misys Summit FT, Mizrahi Tefahot Bank is now in a prime position to be an efficient primary dealer in domestic government bonds.”
Misys Summit FT will ensure full straight-through processing (STP) front to back, from a real-time interface to Bloomberg’s electronic trading system or MTS-ISV, as well as all interrelated needs for managing short selling, including: repos, futures and swaptions. The system encompasses integrated deal capture, through to managing risk exposure and hedging, collateral, settlement and accounting.
Raphael Bensimhon, Sales Director, Treasury and Capital Markets, Misys Banking Systems says, “We are delighted to increase our customer base in this important market. The Israeli market is growing in sophistication and we are ready to support the leading banks in the interest rate and MTS primary and secondary markets."
“The Misys team offered excellent knowledge of the Israeli marketplace, and has provided superb consultancy and advice to ensure this critical system delivers what we need,” concludes Shlomi Friedman.
- Ends -
For further information contact:-
Suzanne McLaughlinGlobal Marketing Communications Manager, Treasury & Capital Markets
Misys Banking Systems
+ 44 20 7549 4764
Caroline Parker / Dan Davies
Financial Dynamics
+ 44 207 269 7295
caroline.parker@fd.com/ dan.davies@fd.com
About Mizrahi Tefahot Bank
Mizrahi Tefahot Bank, formerly United Mizrahi Bank, was founded on June 6, 1923, and its shares were first traded on the Tel-Aviv Stock Exchange in 1963. The bank is the result of the successful 2004 merger between United Mizrahi Bank Ltd. and Tefahot Israel Mortgage Bank Ltd. From the date of the merger, Tefahot was
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
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
Misys. Making things that really matter, work better
