- Cross-asset, front-to-back office system to support proprietary trading and risk management
- Sophis' quality of technology, service and local Greater China presence cited as key to selection
Hong Kong, May 16th 2005 - Sophis announced today that CITIC Capital, the international investment banking arm of CITIC Group, the biggest industrial conglomerate group in mainland China, has selected RISQUE as its core platform for risk management and proprietary trading. Hong Kong-based CITIC Capital will use RISQUE both for its proprietary trading activities, which encompass cash securities and derivatives in equities, fixed income and forex, and for major areas of its risk management. The agreement with CITIC extends Sophis' strong presence in Greater China, where its client base includes Bank of China, Bank of East Asia, HSBC, CALYON South East Asia, Fortis HK and Descartes Global AM.
"Our mission is to be a leading China-focused investment bank, and we wish to be aligned with international standards in terms of risk management best practice, so we looked for a platform that would support our fast-growing capital market activities across asset classes. We were convinced by the broad coverage of Sophis' system combined with its strong ability for risk analysis on cash securities and derivatives, and advanced VaR methodology," said Mr. Peter Pang, Head of Risk Management at CITIC Capital.
"We felt the need to boost our technological capabilities with sophisticated risk management, to match the pace of business growth and regulatory requirements. In a twelve-month selection process, during which we evaluated all the major solutions, Sophis proved to have the most promising technology, based on distributed architecture and a fully open system, thanks to its API/Financial Toolkit. Sophis also has a strong presence in Greater China and delivered excellent service throughout the entire selection process, which was an important partnership selection criterion for us," added Mr. Wilfred Chan, Associate Director of IT at CITIC Capital.
RISQUE is a cross-asset front to back office capital market trading and risk management solution. Its open and flexible design, scalable n-tier architecture and user-friendly functionality has made it a market leader with more than 50 clients worldwide, including Barclays Capital, ING, HVB, Fortis, KBC and Royal Bank of Canada. RISQUE supports trading, monitoring and valuation of all cash, derivatives and hybrid products (equities, fixed income, interest rates, credit, FX, commodities and structured products) in real-time, and offers advanced risk management capabilities to meet clients' analytical and regulatory needs.
"We consider Greater China to be a key market for us going forward. In recent years, we have seen many European and US institutions establishing capital market trading activities in China, plus a rapid expansion of local institutions, which tend to adopt proven, innovative ideas to develop their business with the best time-to-market value.
There is ample room for potential business growth both for international firms and for domestic players in Greater China. But only the firms which apply best practice in terms of risk management technology will have the edge required to stand out as leading players," said Luwei Shi, Asia-Pacific Business Development Managing Director at Sophis.