LONDON, December 1 /PRNewswire-FirstCall/ -- Expanded Trade Processing and Improved Risk Management Capabilities Provided by Misys Summit FT Will Help ICBC Improve Trading Efficiencies
China's largest bank, the Industrial and Commercial Bank of China (ICBC), has successfully completed a major 17 month project to implement powerful treasury and capital markets systems from Misys, the global application software and services company. The development underpins the expansion of ICBC's treasury and capital markets business in the high-growth structured products area and will enable the bank to process high volumes of complex structured trades.
ICBC worked with Misys to implement Misys Summit FT - a market leading treasury and capital markets solution that enhance trading efficiency on financial derivative market. Phase one of the implementation saw the bank go-live on Misys Summit FT's Fixed Income Back Office modules within weeks of ICBC's listing in October, 2006.
Following this, a second phase was completed by the bank to take delivery of a front-to-back derivatives system which went live in May. Finally, ICBC has successfully implemented Foreign Exchange and Money Market back-office system with Misys Summit FT.
Lin Xiao Xuan, General Manager, information and technology department, ICBC comments "In recent years, ICBC has been at the forefront of the growth in the domestic banking market. We anticipate gaining an edge on our competitors using Misys Summit FT straight-through processing to streamline operations of financial derivatives market, reduce costs and rationalise our systems. We were pleased with the expertise and speed shown by the Misys team who completed this project."
ICBC partnered with Misys' services team used sophisticated modelling to test-drive trades and explore risk and exposure. As a result, the bank has successfully streamlined multiple processes across its front, middle and back offices including in deal entry, risk management and settlement, helping the bank to improve margins.
Graeme Beardsell, Managing Director, Asia Pacific for Misys adds: "Technology is an enabler for banks looking to increase volumes and responsibly manage the complexity in the market. Innovative banks like ICBC are using complex structured trades and derivatives to boost margins and to hedge positions, and the most significant impact is the single system for cross-asset trading is found in the improved risk management which ensures the business meets domestic and international regulations."
Misys now provides treasury and capital markets solutions and services to the top five banks in China. The Treasury & Capital Markets business has 18 years of market experience and unrivalled software development expertise, creating integrated, comprehensive solutions for financial institutions to manage their capital market activities across multiple asset classes.
About ICBC
Industrial and Commercial Bank of China (ICBC) is the largest commercial bank in China in terms of assets, loans and deposits. As a leading financial player in China, ICBC takes advantage of its state-of-the-art technology to provide a full spectrum of commercial banking products and services to 2.5 million corporate customers and 150 million personal customers through a branch network comprised of 18,000 banking outlets and an extensive electronic banking network of more than 1,000 self-service banking centres and 18,000 ATMs.
Headquartered in Beijing, ICBC has over 100 overseas branches, subsidiaries and representative offices in major financial centres. It has set-up correspondent relations with more than 1,000 banks worldwide, which greatly enhances its capability to follow and meet customers' growing demand for international transactions. In October 2006, ICBC became the first company to list on both the A-share and H-share markets when it went public on the Hong Kong and Shanghai bourses, marking the year's biggest IPO.
About Misys plc
Misys plc (FTSE: MSY.L), provides integrated, comprehensive solutions that deliver significant results to organisations in the financial services and healthcare industries. We maximise value for our customers by combining our deep knowledge of their business with our commitment to their success.
In banking and treasury & capital markets, Misys is a market leader, with over 1,200 customers, including all of the world's top 50 banks. In healthcare, Misys plc owns a controlling stake in NASDAQ listed Allscripts-Misys Healthcare Solutions, Inc, a clear leader in the provision of healthcare technology, serving more than 150,000 physicians, 700 hospitals and nearly 7,000 post-acute and homecare organisations. Misys employs around 6,000 people who serve customers in more than 120 countries.
We aspire to be the world's best application software and services company, delivering results for the most important industries in the world.
Misys: Experience, Solutions, Results
Contact us today, visit: http://www.misys.com
For further information please contact:
Stephen White
Misys Treasury & Capital Markets
Tel: +44-20-7757-6134
stephen.white@misys.com
Deborah Choong
Misys Treasury & Capital Markets
Tel: +852-2230-2302
deborah.choong@misys.com
Claire Martin
Professional Public Relations, HK
Tel: +852-3111-9967
cmartin@pprgreaterchina.com
Catherine Xuan
Professional Public Relations, Shanghai
Tel: +86-21-5169-2005 ext 100
cxuan@pprgreaterchina.com
SOURCE Misys plc
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