DZ Bank first client for DrKW/entory technology scheme

DZ Bank first client for DrKW/entory technology scheme

Investment bank Dresdner Kleinwort Wasserstein (DrKW) is teaming with Deutsche Börse's technology subsidiary, entory, to provide software and IT services to other financial firms.

Commenting on the alliance, Sean Park, MD at DrKW, says the firm has been approached by a number of banks over the past few years interested in acquiring its technology.

"As a bank, however, our focus does not lie in providing third parties with software services and software maintenance support. The cooperation with entory allows us to meet this market demand," says Park.

The firms have signed Gemany's DZ Bank as the first client to the scheme and will provide the German bank with a new issue platform. The system will automate book-building for bonds and replace the majority of the manual processes currently performed.

Frank Gerstenschläger, CEO, entory, says the electronic book-building system allows clients to save more than 50% on the cost of developing their own systems.

In addition to electronic book-building, entory and DrKW will also work together on other trading projects, such as the integration of central data management for master agreements and the integration of automated market conformity checks.

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