Crédit Agricole CIB, the corporate and investment banking arm of the world's eleventh largest bank by Tier One Capital (source: The Bankers, July 2016), has partnered with Orchestrade Financial Systems, a capital markets technology platform for cross-asset trading and risk management, to overhaul its interest rate derivatives and FX Forwards trading operations.
Crédit Agricole CIB is the first major bank to replace its trading and risk legacy systems with Orchestrade.
Crédit Agricole CIB is migrating all front-to-middle office processing of vanilla and structured products from two legacy platforms. The bank now runs trading and real-time risk calculations on Orchestrade for its interest rates and FX Forwards business globally.
"Orchestrade enabled us to improve risk performance, keep up with new regulatory changes and reduce costs, while ensuring that Crédit Agricole CIB remains at the cutting edge of banking innovation," said Thomas Spitz, Global Head of the Trading Division at Crédit Agricole CIB.
"Orchestrade platform is modern and well-designed. This partnership sets a new benchmark for capital markets technology projects inside the bank, enabling us to deliver even greater value to our shareholders."
"Having established a track record with fund managers, it was a natural step for us to partner with an investment bank," said Hakim Erhili, CEO of Orchestrade. "The successful collaboration with Crédit Agricole CIB confirmed that our platform delivers unmatched performance and operational efficiency, regardless of scale."
Post-implementation, the bank is benefiting from improved efficiency, real-time risk capabilities as well as one consistent platform used by sales, trading, risk and operations.