Sophis signs contract with Shinhan Bank

4 February 2009

Sophis, a leading provider of front-to-back solutions for cross-asset derivatives, is pleased to announce that it has signed a contract with Korea’s Shinhan Bank. Sophis will provide Shinhan Bank with its latest version of Sophis Risque, which will enable the Bank to trade, price and manage the risk associated with equity derivatives and related trading activities. The deal represents Sophis’ third major financial institution signed within Korea.

Sophis currently has 26 clients in Asia, of which 9 were signed in the past 12 months. Pascal Xatart, Chief Executive Officer for Sophis, said, “We are delighted to be able to work with such a well respected and forward-thinking bank as Shinhan Bank. I believe that Korean banks are recognising the opportunity to drive their businesses forward and take advantage of the forthcoming changes in regulations, and have recognized the crucial part that software such as Sophis Risque can play in being able to take advantage of these changes to stay ahead in this market.”

Corinne Grillet, Chief Operating Officer for Sophis in Asia, explained, “The Capital Markets Consolidation Act, which comes into effect in January 2009, allows Korean banks to trade additional asset classes, such as equity derivatives, provided that they have the appropriate platforms and systems in place. Sophis Risque gives banks the tools they need to ensure that they comply with the terms of the act and can grow their businesses smoothly.”

Mr. Xatart said, “Sophis is committed to the Asia-Pacific region and in particular Korea during this period of rapid growth and development in its financial markets. We have demonstrated this commitment with the opening of our Seoul office earlier this year.” Also late last year, Sophis won 2 awards for AsiaRisk’s Technology Vendor of the Year and from Structured Products magazine for its ‘unparalleled speed of service, commitment to the region and technical excellence.’

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