BOC International Financial Products, which started operations in the beginning of September 2002, will be a pioneer in financial products in China. Their traded products include Equity Options, Equity Linked Notes, Warrants, CBs, Fixed Income, Credit Default Swaps and Asset Swaps. The objective of the team, which is made up of 11 people consisting of sales and traders recruited for their experience with international banks, is to become the national leader in this new field. China represents a huge potential market and is a stepping stone for expansion into Asia Pacific.
"After reviewing the different systems available on the market, we identified Sophis RISQUE as the only solution capable of providing the derivatives functionality we needed to initiate our business from scratch says Mr. Warren Kwan, Head of BOCI Financial Products. We have adopted Sophis as a total solution from front to back office. Our traders strongly appreciated the flexibility of the RISQUE front-end. Although we will be trading simple products at the beginning, RISQUE's excellent coverage of complex instruments in equities will accompany the growth of our activity. With the Sophis STP solution, our whole transaction chain is dealt with by one global system and we will use Sophis Financial Toolkit to build new applications and to customize the Sophis suite of applications."
Chairman of Sophis HervÃ© Vinciguerra comments "I am very honoured to welcome Bank of China, the premier bank in China, as a new client. We are very proud to break into the Chinese market with such a reference. This is a step forward in our overall strategy of exporting out of Europe our Equity Derivatives leadership. As we plan to have a strong presence in the region, this Agreement was the occasion for us to open our second office in Asia, located in Hong Kong."