SunGard wins Citic, opens Beijing office

SunGard wins Citic, opens Beijing office

Citic Industrial Bank, in the People's Republic of China, is to use the Panorama risk management system from SunGard Trading and Risk Systems for front-to back-office trading of its foreign exchange, money market, fixed income and derivatives businesses. The deal marks SunGard's first Q3 client win.

The bank says it will use Panorama for managing the risks associated with its treasury positions and for the settlement and confirmation of all treasury trades. Citic claims to be the first bank in China to implement a straight-through processing trading and risk management solution, in preparation for the country's entry into the World Trade Organisation.

Dr Qian Ouyang, executive vice president at Citic Industrial Bank, says: "Panorama provides us a flexible, extensible platform that is capable of supporting our planned growth."

SunGard has announced plans to open an office in Beijing that will provide technical and business support to Chinese banks as they prepare to enter international markets.

SunGard's trading and risk systems group has also released a new version of its pricing model for convertible bonds, TrueCalc Convertible. Improvements to the model include credit modules for exchangeable bonds in the European markets; treatment of the make-whole and contingent-conversion structures in the US market; redesigned spreadsheet and library interface; and credit risk dependent on both stock price and time.

TrueCalc V4 is being shipped to existing customers as a free upgrade. London-baed hedge fund Zelengora Capital Management will be one of the first to receive the new model.

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