ISDA, The International Swaps and Derivatives Association, recently announced market practice changes to the trading convention for credit default swaps (CDS) in Japan and Asia ex-Japan. Misys is committed to meeting customer needs arising from these changes and its Misys Summit FT v5.4 already includes these changes. The changes come into effect on 20 December 2009 and include the adoption of standard coupons and full first coupons in CDS transactions.
âAs a member of ISDA, and a major player in the Derivative software industry for 20 years, Misys is committed to ensuring market participants are equipped to apply all new standards in a timely fashion,â states Emmanuel Nusomivici, Solution Manager, Credit Derivatives, Misys. âWe want to take an active part in reducing risks for the market in general and for our customers in particular and our footprint in Asia enabled us to anticipate the new standards. There is a broad increase in standardisation and increasing debate about central counter party clearing which we are following closely. We are constantly re-engineering our system to keep up with market evolutions and will continue to focus on helping our customers improve transparency, risk management and control.â
Summit FT includes the following functionality to meet the new market standards for Asia, including Japan:
â¢ Trade capture â enhanced to meet the needs for CDS standard coupon support including SNAC and the new ISDA Asia convention
â¢ Market data capture and yield curve generation
â¢ Out of the box interfaces to Markit for static and market data from Markit
â¢ Trade valuation including the new âopen sourceâ pricer and Markit
â¢ Default management process to cater for the new backstop rule
â¢ Hardwiring of the default events and process
â¢ Internal and external straight through processing including straight DTCC integration
Misys Solutions for Treasury & Capital Markets has 20 years of experience and unrivalled software development expertise. It creates integrated, comprehensive solutions for financial institutions to manage their capital market activities across multiple asset classes.