Michael Rowan, Assistant Treasurer at Styron, explains: 'As a newly spun-off greenfield operation, we had to move fast to select a treasury system. We chose IT2 because it is a truly integrated and complete solution that fits our immediate and evolutionary needs. The first implementation phase will fulfill core requirements around cash management, cash accounting and basic treasury. We will then move on to implement more advanced functions including interest rate hedging, hedge accounting and risk management. We are looking forward to working with IT2 to build a best practice operational platform that will serve us for the years ahead.'

The completed IT2 roll-out will support a global network of four treasury centers, based in the USA (Berwyn, PA), Brazil, Switzerland and Hong Kong. The system will be hosted by IT2's technology partner Rackspace.

Styron treasury will make a rich use of IT2's treasury management solution capabilities. IT2 will support an evolving FX hedging program that will include a portfolio of barrier and average rate options and NDFs. IT2 will additionally support the use of fixed, floating, index-linked and zero coupon rate loans and deposits and interest rate swaps. Styron's cash management requirements include the IT2 Smart Cash Modeler, multilateral netting and cash concentration, coupled with integrated bank account administration. For risk management, Styron's front office will utilize a range of IT2 facilities including hedge accounting, credit risk management, scenario analysis and Value at Risk (VaR).

Additionally, Styron's network of subsidiaries will use IT2 NET for transmission of deal requests, cash/liquidity forecasts, exposures & budgets, account balances, electronic bank account administration ('eBAM') messages, invoices for multi-lateral netting, settlements and reporting.

Steve Bullock, SVP & General Manager for IT2, added: 'Working with Styron, who seek a swift deplowift deployment coupled with a best practice and intuitive solution, is exactly what we seek to partner our customers in achieving. We look forward to a long term partnership together.'