COMMERZBANK ENHANCES OTC DERIVATIVES BACK OFFICE PROCESSING WITH SCRITTURA

21 June 2005 – London – Scrittura, the world’s leading provider of documentation automation technologies for OTC derivatives, has today announced that Commerzbank has gone live with its Scrittura technology suite to enhance back office processing for equity derivatives transactions.

Commerzbank is one of Europe's leading private-sector banks, with consolidated total assets of 420 billion euros and 8 million customers. Commerzbank identified the need to strengthen transaction processing to support its increasing use of derivative instruments and reduce the risk associated with manual confirmations.

Commerzbank is now utilizing Scrittura’s document imaging and workflow management tools to auto-generate trade confirmations and deliver these to counterparties quickly and efficiently. This enables Commerzbank to reduce paper-based processing, increase the speed of its transactions and eliminate unnecessary manual intervention. This is the first phase of a cross-product implementation, which will expand to include fixed income and credit derivatives processing.

"Commerzbank is dedicated to delivering straight-through-processing throughout its operations, and this particular initiative is in line with the International Swaps and Derivatives Association’s ‘Strategic Plan’ for the industry to control operational risk, given the rise in popularity of these instruments. Following the implementation of Scrittura, Commerzbank is beginning to reap the benefits of increased efficiency and risk reduction in equity derivatives processing," said Stephen Andress, global head of OTC derivatives operations.

Commerzbank has also ensured the workflow management and document imaging systems are integrated seamlessly with its other applications. One of the main reasons behind the selection of Scrittura was that it offered seamless integration with other applications. According to Andress, the vendor's track record and OTC focus also influenced the decision.

By going live with these applications, Commerzbank can gain and maintain complete control of its pre and post-transaction workflow and allocate more resources to focusing on complex deals that require manual intervention.

John H. Lewis, Chief Executive Officer, Scrittura comments: "The need to move towards a fully automated STP environment is a pressing challenge for firms trading OTC derivatives. Our partnership with Commerzbank demonstrates the advantages to be gained in improving the efficiency of the trading process at a crucial time for this rapidly growing market."

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development