StreetReference will improve operational efficiency and provide launch platform for expansion
NEW YORK - May 6, 2003 - Financial Technologies International (FTI), a leading provider of financial enterprise software, today announced that Daiwa Securities SMBC Europe, one of the leading Japanese investment banks in London, has selected FTI's StreetReference product as the foundation for the re-engineering of its reference data management environment in Europe.
StreetReference will enable Daiwa Securities SMBC Europe to centralize all
European data, including client and securities reference data on a multi-lingual, multi-currency platform. In particular, StreetReference will provide the bank with a common data architecture and data language facilitating improved account handling, the flexibility to quickly introduce new product lines and the ability to transition from legacy systems. The investment bank will benefit from increased agility by reducing system constraints and improving the quality and accessibility of enterprise-wide data. The consistent flow of high-quality centralized data will facilitate an improvement in the investment bank's operational efficiencies by reducing exceptions-related issues associated with reference data.
The contract includes a license for FTI's StreetReference solution, implementation support from FTI's professional services group and an on-going support and maintenance agreement. The StreetReference platform now includes a comprehensive, web-enabled, front end that can be easily configured by the user to facilitate both simple and complex data queries and database management.
Michael Meriton, President and CEO, FTI, says: "We are delighted that Daiwa
Securities SMBC Europe has selected FTI as a key partner in its strategic initiative to build a new, robust and scalable reference data infrastructure
for Europe. In the current challenging economic environment, our customers
recognize that centralizing the management of investment data is key to
mitigating risk, reducing costs, and improving operational efficiency. FTI
has been providing reference data solutions for almost fifteen years. We
are committed to offering the best technical solution and will continue to
invest heavily in our products."
Graeme Muirhead, Executive Director of Technology, Daiwa Securities SMBC
Europe, observed that: "Choosing the right vendor was as important as
choosing the right system. After undertaking a very thorough evaluation of
vendors offering data management solutions, we concluded that FTI's
StreetReference product will provide us with a scalable centralized
reference data platform to support the company's business in Europe now and
into the future. We are looking forward to building a long term relationship
with FTI as the company and its customers benefit from increased operational
efficiencies and customer care capabilities."
The reference data management solution for Daiwa Securities SMBC Europe
encompasses two key StreetReference applications: StreetReference for
Securities and StreetReference for Customers. The first application is a
repository for securities, pricing and financial institutions information as
well as corporate actions declarations; and the second a repository of
information encompassing customers, accounts, organizations, and employees.
This repository also houses the relevant information relating to other
parties such as custodian and transfer or paying agents. These two
applications combine to provide a fully comprehensive and consistent
security and customer master and will help Daiwa Securities SMBC Europe
realize its objectives of achieving consistent, consolidated data across its
European operations, translating into improved operational efficiencies and
increased customer service support.
StreetReference is based on StreetModel, FTI's industry leading Oracle-based
financial data model, and will be integrated with Daiwa Securities SMBC
Europe systems through an adapter to TIBCO, Daiwa's chosen middleware
platform. StreetReference's integrated search engine and browser-based interface provides timely access to accurate and consolidated decision-support
information for trading, operations, research and financial control. Because
StreetReference processes and publishes messages using advanced technologies
such as XML, financial institutions can easily distribute data to multiple
applications, and quickly map new data feeds into StreetReference. The
system allows banks to process data once and distribute it widely to the
front, middle, and back office and to customers.