Hong Kong-based Citic Ka Wah Bank Limited has gone live with Misys International Banking Systems' Opics treasury and capital markets solution to support its expansion plans for derivatives trading.
Implementation of the system within the bank's treasury operations took eight months, along with Misys' TrOpics trader front-end system for trade capture. The bank is now able to support trading for deposits & loans, foreign exchange, fixed income, FRAs, swaps, repos, futures, OTC options and caps, and floor and collars.
Opics has been integrated with the bank's general ledger system running on an IBM ES/9000 mainframe, and incorporates interfaces to a number of trading and settlement systems, including Reuters Dealing 2000 and the EBS settlement service for FX trades.
According to Moses Yeung, Citic Ka Wah Bank's senior vice president and treasurer, the technology that was previously in use would have been unable to support the bank’s aggressive plans for expansion.
"Opics was the only solution that provided the comprehensive coverage of traded instruments we required, together with straight-through processing, all available within a single package, rather than as separate components for the front and back-office. Misys also has a proven track-record of delivering operational solutions in a very short timeframe. This was a key requirement, since the treasury department needed to be up and running to meet critical deadlines, as part of a bank-wide systems upgrade project," says Yeung.