Sberbank (Savings Bank of the Russian Federation), the largest Russian bank and among the largest 200 banks in the world, announced the winner of their tender for a fully-integrated, front-to-back, trading and risk management system, on its web site
"Tender offers from the following companies were submitted: SunGard, Reuters, Bloomberg, Egar Technology, IBS, Servocomp, Algorithmics, Prime-TASS, ASKINA. Sberbank recognizes Egar Technology as the winner. We thank all participants of this tender."
New York-based EGAR Technology, Inc., presented Sberbank with its flagship product FOCUS as a solution for their trading, treasury, operations and risk management needs.
Ravi Jain, EGAR's CEO and Co-Founder commented, "For this tender, our FOCUS product successfully competed on system features against better known vendors, solidifying our place among the leading global risk management and trading system providers. Sberbank is recognized through out the world as one of the leading financial institutions and we are excited to be working with them."
He added, "Our modular system offerings and attractive pricing structure enables us to provide systems sophisticated enough for the largest banks in the world, yet accessible to smaller banks as well. I am thrilled we count among our clients premier trading desks and treasury operations at both ends of the spectrum."
Alisa Melnikova, Director of EGARâs Moscow-based software development lab, added that EGARâs project management and implementation track record also impressed Sberbank. "Our commitment to the highest level of professionalism both in implementation and customer support was important to this client. We impressed them with our track record, both in Russia and the rest of the world."
Sberbank started their search for a system over one year ago. The tender process was very extensive as each vendor and system was analyzed with utmost detail. Alisa Melnikova went on to add, "The tender could not be won by excellence in one area alone. Vendors had to demonstrate excellence in all categories, including system functionality, scalability, implementation and support. The awarding of the tender demonstrates EGARâs ability to excel in all these areas."
EGAR is realizing its vision of providing the financial institutions around the world â regardless of their size or structure â with the best technology in the world.
EGAR FOCUS is a modular, fully integrated, front to back trading and risk management system with position keeping, pricing, reporting, risk management and full operations features supporting trading of over-the-counter and exchange-traded derivatives. EGAR FOCUS is one of the few comprehensive system solutions for the FX, equity, fixed income/interest rate, money market, metals, energy and commodity derivatives markets. It is also known as one of the most cost-effective system solutions available because clients need only license those modules that support specific areas of their business. Each module either covers different markets and instruments and has full position-keeping, risk management and back-office functionality, or is designed to support functional areas of the business such as middle-office, collateral and margin management, web trading, etc. This helps a wide range of businesses with differing requirements manage their entire trading activity, with uniform user interfaces, a common database, aggregated portfolios, among other features. Additionally, EGARâs modular approach lends itself to extensive customization at a fraction of the cost for custom systems, delivering made-to-order products with off-the-shelf affordability.
About EGAR Technology
EGAR Technology was founded in March 2000, while the core of programmer and developers have been a team since 1993. Since inception, EGAR has become a force in providing financial technology systems. EGAR has developed its own suite of trading, risk management and analytical systems, custom application development, web application and ASP services, and integration and implementation services for the capital markets. Based in both Moscow and New York, EGARâs highly specialized products are built in Moscow, while the New York office holds the management team.
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