CLSA signs for Coexis' Syn~
14 November 2007 | 3092 views | 0
London and New York-based Coexis announced today that it has signed a global contract with Hong-Kong based CLSA Asia-Pacific Markets ("CLSA"), Asia's leading independent investment banking and brokerage services provider.
The agreement is to deploy Syn~ for securities processing and enterprise-wide reference data management. Syn~ will be the primary processing system for CLSA Transaction Management at its Global Operations Centre in Singapore. Syn~ will then be further deployed in nine regional offices in addition to London and New York.
Key factors in CLSA's decision were the ability of Syn~ to deliver an enterprise-wide reference data management solution, specifically for capital markets, securities, counterparties, standard settlement instructions and market data, as well as ease of integration within the existing CLSA architecture, based on SOA (service-oriented architecture).
Syn~ meets CLSA's securities processing requirements to scale to extremely large and increasing volumes across all of Asia's primary financial markets. Syn~ is more than just another settlement system; it will allow CLSA to further enhance the efficiency and control of its securities business. Straight through processing rates will increase and exception management will become intelligent, dynamic and controlled. Rajah T, chief information officer for CLSA, said: "This is a strategic purchase for CLSA. Syn~ offers unique features that meet CLSA's business roadmap, including flexible and scalable business solutions to cater for exponential growth. The work flow-based approach complements our ambitions to transform trade processing."
Sunil Shah, chief executive officer of Coexis said: "Scalability is the single biggest issue faced by Asian brokers today and one that Syn~ uniquely solves cost-effectively through its underlying grid-based technical architecture. More and more firms are discovering that their existing settlement systems - whether packaged solutions or in-house built, simply cannot scale efficiently or in a timely manner to cope with rising volumes in the Asian marketplace. None of our competitors have a current solution to this problem today. Even banks with in-house developed solutions are struggling and many in Asia-PAC are now evaluating Syn~."
Additionally CLSA has subscribed for the Syn~Developer licence, an integrated development, testing, deployment and operational environment with an out-of-the-box library of rich industry-standard models for Global Capital Markets. This will allow CLSA to build enterprise-class, distributed transaction processing applications in a timely manner. These models are easily extended without conventional coding, using embedded graphical configuration management, version control, and deployment tools.
Coexis will be working with Serisys Solutions Limited, its recently appointed Hong-Kong based partner, to deliver and support the various Syn~ solutions in CLSA.