The Misys Global Back Office solution has been unveiled at the Sibos 2013 trade show in Dubai, UAE. The new component is part of Misys expanded Capital Markets Fusion product line and centralises and consolidates all operational processing across asset classes, trading systems and branches globally, with the aim of streamlining back-office operations for users and improving straight-through processing (STP) while reducing operational risk.
Against a backdrop of regulatory change and market transformation driven on by the need to centrally clear non-corporate, non-hedging over-the-counter (OTC) trades, link to a central depository and comply to a common legal entity identifier (LEI) among much else, the treasury and capital markets arena is altering rapidly and Misys is aiming its new Global Back Office solution product into this space.
According to the vendor, market participants are becoming progressively more focused on how they achieve company-wide consistency to reduce risk and ensure regulatory compliance, under the weight of the US Dodd Frank Act, Basel III, MiFID II and the European Market Infrastructure Regulation (EMIR). The new product has been built with a single data repository at its core, achieving the utopia of the ‘single version of truth’, so essential to meeting regulatory reporting requirements post-crash and it should also enhance operational risk control at investment banks, broker-deals and so forth.
The new Misys Global Back Office offering enables activities across asset classes to be handled in a consistent way, claims the vendor. Thanks to its standardised workflows, banks can ensure that best practice is enforced throughout their global capital markets business.
The solution is open to all trading systems, from Misys and any other providers, including in-house systems, allowing for the streamlining of processes and transactions, says Misys, which should reduce costs and operational risk, with the added benefit of enhanced visibility and regulatory reporting across all positions or assets under management. The connectivity to CCPs, STP workflows, trade repository capabilities and cross-asset collateral and margin management functionality will mean banks can support central clearing and manage the complexity of multi-participant workflow.
Misys asserts that seamless integration with counterparties, brokers and clearers is all possible and a scalable and rapid integration process is achievable. Once installed, the new launch can provide real-time reporting functions, error tracking and alerting, and a large set of standard connectivity options to the very latest market services, says the vendor.
Launch Customer: Maple Bank
“We believe the Misys Global Back Office solution will allow us to centralise and consolidate all operational processing across our branches and subsidiaries,” comments one of the launch customers, James Leach, chief operating officer (COO) of Maple Bank GmbH. “We expect to see a real impact on our business as a result, with significant cost savings, more streamlined operations and improved straight-through processing.”
According to Joerg Heidtmann, head of capital markets, product management at Misys: “The financial crisis has created an environment whereby technology users are required to be more agile, while equally IT systems must be rationalised to keep control on budget, but remain compliant in-line with regulations such as EMIR and Basel III. The Global Back Office will enable our customers to have market leading back-office operations according to best practices, which also gives insights of upcoming changes and allows them to consolidate and rationalise their costs across systems, demonstrating significant return on investment (RoI).”
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