FNX Limited (FNX), a leader in the delivery of technology solutions to the global financial markets, announced today that Sumitomo Mitsui Banking Corporation (SMBC) has successfully completed the implementation of Sierra Fixed Income module at its London and New York locations.
SMBC has been a client of FNX for over 6 years, using the system to support the largest bond trading operation in Japan.
FNX developed the Sierra Fixed Income system working in close partnership with SMBC. The high volume of transactions and the sophistication of the SMBC operation required the development of an array of innovative, real-time tools for portfolio and inventory management. FNX also provides full and seamless STP functionality, from front to back office and general ledger. In addition, SMBC traders have access to a real-time bond blotter, which supports over 50 fixed income product types, including Yutan Bonds, Gensaki and other local instruments. The blotter allows users to perform on-the-spot yield curve sensitivity analysis, simulations, and inventory management. Confirmation generation, payment processing and accounting management are all available in the solution.
Conor Doyle, managing director FNX Tokyo, comments, "It was the combination of the quality of our products and our support that prompted SMBC to seek FNX's assistance in expanding the use of Sierra Fixed Income to their London and New York operations. I am happy to say that when SMBC approached us, we already had the functionality and architecture for maintaining global operations. In terms of support, we were thoroughly familiar with SMBC's goals and operational procedures and had experienced support people in both locations. This made for a seamless implementation for the SMBC team." The implementation was done in phases, starting in London with the migration of data and user training, and was later rolled out in New York.
Today SMBC traders benefit from the ability to easily manage their positions around the clock, also allowing risk managers to have a real-time picture of the bank's global exposure. SMBC now also has the capability of reconciling and consolidating positions between branches virtually in real-time.
Farid Naib, FNX's founder and CEO adds, "The FNX philosophy has always been to be ready to satisfy the present and future needs of our clients. Our ability to deliver and implement the global solution for SMBC proves that we have the right approach. I am delighted with the unqualified success of the SMBC expansion and welcome them to our group of global clients."