London and New York-based Coexis Limited, today announced a strategic partnership with Chinese IT services provider Serisys Solutions Limited to sell and support Coexis' Syn~ development technologies and capital markets applications in Asia Pacific, especially China.
Coexis also announced that the company has readied its Syn~ solutions to reflect Chinese requirements to assist global investment firms achieve their ambitions in China and ultimately to help Chinese brokers to operate on the global stage.
On a case by case basis, after October 2007 foreign brokers will be able to run local Chinese brokers. As a result they will need to put in place trading and business processes and systems to support straight through processing (STP). Chinese firms, who in future will be able to trade globally will look to procure process knowledge through investment in "state of art" systems.
"By partnering with Serisys, whose founders have long experience of implementing systems in China and Asia Pac, we gain crucial understanding of local conditions, local delivery capabilities and support services as well as a base for further expansion in Asia Pac," said Coexis chairman Terry Williams. "The combination of this local expertise and know-how and the rapid flexibility of our next generation Syn~ applications is unrivalled. It means we are ready today with settlements and reference data applications for wholesale brokers which reflect Chinese trading rules and regulations. We can hit the ground running and believe we are the first global software house to do so."
Today also marks the launch of Syn~Broker, an enhanced solution for brokers requiring on-line client order capture through to settlement and accounting with multi-exchange and multi-CSD (Central Securities Depository) functionality.
Tim Marsh, chairman of Hong Kong headquartered Serisys, carried out an in-depth evaluation of capital markets software before seeking to partner with Coexis and represent Syn~ in China and Asia Pac. "Speaking as someone who has implemented back office systems for UBS, Syn~ is every CIO's dream. It is a modern back office solution - not rooted in the 1980's like many of its competitors. Syn~'s architecture allows for change and evolution of existing applications resulting in increased operational efficiency. By empowering business users to develop new rules and respond to dynamic market opportunities the overall cost of ownership is reduced."
Serisys will deliver Syn~Broker and other Syn~ applications as a software service providing a cost-effective solution to Chinese brokers as well as the global investment firms. The wholesale brokerage market although fledgling is already large and set to grow exponentially as the fund management industry takes off in China.