- Best Market Practice (BMP) ensures implementation is rapid and smooth
New York and London, October 7, 2003 - Wall Street Systems, Inc., a leading
provider of global treasury and capital markets solutions and services,
today announced that Raiffeisen Zentralbank Ãsterreich (RZB) - the central
institution of one of the largest banking groups in Austria - has gone live
with The Wall Street SystemÂ® treasury engine across the enterprise. It is
also among the first Wall Street Systems customers to go live with the
Interest Rate Derivatives (IRD) module - on 5 August 2003. The new
enterprise-wide IRD module from Wall Street Systems addresses the four main
elements of IRD trading - covering option pricing, market data capture and
analysis, risk management and portfolio management - specifically targeting
the complex and evolving needs of the interest rate derivative user
The bank went live with The Wall Street System treasury engine in the front
office on 7 April 2003 - only seven months after the contracts were signed. The back office was the last to go live at the bank's head office in Vienna, on 18 August, completing the installation of the integrated, global treasury system.
Armin Steppan, global treasurer, RZB, said: "RZB has aggressively pursued a
strategy of expansion in emerging markets, with a focus on Central and Eastern Europe. In total, we service corporations and institutions in 27 countries. Two years ago, it became clear that we would soon outgrow our existing set-up of six treasury and trading systems - some acquired and others developed in-house. Our objective was to implement a treasury management system to improve capacity and functionality, handle the complexity of managing transaction flows and risk across diverse portfolios, geographies, and regulatory environments, and support the introduction of new products."
Steppan continued: "Chosen from a short list of nine vendors, Wall Street Systems understood this and has worked with us closely from the start to identify and respond to our exacting needs. We have been able to make a significant change to our technical infrastructure within a very short time
frame. We are already reaping the considerable STP benefits offered by an integrated, global treasury system."
The bank is now using the FX, Currency Options, Money Markets, Exchange
Traded Futures and Options and IRD modules in the front offices at its
headquarters in Vienna, and is able to trade both vanilla and exotic options
on a single platform. Additional middle and back office modules, including
Value at Risk, Counterparty Credit, Confirmations, Settlement and Accounting, have also been installed. Work will now commence on the rollout to RZB's London office and its network of 14 banks throughout Central and Eastern Europe.
The speed of the implementation was largely due to Wall Street Systems' Best
Market Practice (BMP) process. BMP draws on the vast experience Wall Street
Systems has gained from its ongoing work with tier one banks and corporate
treasuries. It ensures The Wall Street SystemÂ® treasury engine meets a client's specific business requirements right from the outset, and is completely aligned to their organization before delivery.
Michael Thrower, director of marketing, Wall Street Systems, says: "Given
the complex nature of trading operations at RZB, the speed of implementation
of The Wall Street SystemÂ® treasury engine across the enterprise is a significant endorsement of the BMP process. BMP helps us provide our customers with maximum return on their investment, whilst installation time and cost are kept to a minimum."