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Hysan Development Co. Implements SimCorp IT2 for Hedge Accounting and Liability Management

Hysan Development Company has implemented SimCorp’s IT2 to manage its Hedge Accounting and Liability Management operations.

Based in Hong Kong, Hysan is one of the country’s leading property investment, management and development companies with an investment property portfolio of over 4 million square feet of high quality office, retail and residential space.
An increase in the complexity of the company’s Treasury-related activities and the adoption of Hedge Accounting in 2005 prompted the implementation of a treasury management system able to satisfy its demands in four key areas – transaction management, settlement processing, reporting, and control.

SimCorp’s IT2 was selected from a short list of four systems following a detailed evaluation process. IT2’s ease of use, flexibility to meet the company’s future requirements, and the overall cost-effectiveness were important factors in the decision.

Following a successful implementation the system is now being used for:

• Debt and Facility Management (including Bond Issuance);
• Hedging with FX and Interest Rate Derivatives;
• Accounting (with an interface to SAP, the Corporate GL system);
• Hedge Accounting in accordance with HKAS 39

“We have analysed the benefit IT2 has brought to our Treasury and we have achieved a time saving of more than 50% in managing our treasury transaction records since replacing our spreadsheets with the system” comments Stephen Leung, Treasurer. “In particular, the preparation of hedge accounting-related information has been reduced from ten man days per month to just two. We have been very pleased with the way that SimCorp’s consultants have used their extensive experience of IAS39 issues during the implementation to help us identify and define the appropriate effectiveness tests in IT2. We now have hedge relationship templates set up in the system to bring vital consistency to our hedging operations”.

Patrick Coleman, SimCorp’s Director of Sales and Marketing for IT2, adds “We are very pleased that Hysan Development Company is experiencing such significant benefits from IT2. The positive feedback on the system’s Hedge Accounting functionality reinforces IT2’s position as the leading integrated solution in this area”.