Sophis, a leading provider of cross-asset, front-to-back-office solutions, today announced that Fortis Bank has extended its use of RISQUE to the bank’s credit operations.
Fortis will use RISQUE to manage all its credit derivatives positions, from single-name CDS transactions to more structured derivatives, including CDO2. The investment banking arm of the international financial services group, which has used RISQUE for more than 10 years, already uses the cross-asset platform’s equity derivatives and commodities modules.
Fortis launched the search for a new system to support the development of its structured products business. As well as Fortis’ strong working relationship with Sophis and understanding of its solutions’ capabilities, RISQUE’s flexibility was a crucial selection criteria. RISQUE’s toolkit allows users to customize the system to allow, for example, use of its own analytics and pricing tools for some instrument types.
Pierre Amrom, Head of Credit Derivatives, Structured Credit Group, Merchant Banking, Fortis Bank, says, "By using Sophis RISQUE, we are taking advantage of a rich out-of-the-box functionality and in particular a flexible trade entry system that can hold all our credit derivatives. Our strategy is to focus our quantitative and IT resources on value-added tasks, such as the design of valuation model on different types of CDO’s and synthetic structured credit products."
Hervé Vinciguerra, Chairman, Sophis, says, "Fortis’ decision to expand use of RISQUE from two to three asset classes reflects the strength of our cross-asset offering. The ability of solutions to support transactions across asset classes is critical to succeed in this market; more and more clients are challenging us to support cross-asset and hybrid strategies. This deal also reflects our clients’ confidence in Sophis’ ability to deliver."
Seperately, Fortis and RTS Realtime Systems AG announced today their expanded relationship. eRTD, the internet trading platform with a system independent JAVA front end offered by the German provider, the leading ISV for Multi Asset Class eTrading, has been added to Fortis’ electronic trading services.
Chris Lee, Global Head of Screen Based Trading at Fortis Merchant Banking says: "eRTD provides us with a very cost effective, lightweight and solid front end that can provide connectivity to all the major European, US and Asian cash and derivative exchanges. Our flexible approach to the way in which we offer market access to our clients globally, is part of our strategic approach to be at the forefront of third party, clearing, brokerage and custodial services."
"We see Fortis as a strategic partner to RTS as they have a strong empathy for technology. The addition of eRTD at Fortis gives them true flexibility in matching up their clients trading requirements with the most suitable product to meet their specific needs. Typically these are dictated by choice of method of deployment and access; the level in intensity they require in functionality, multi market and asset type needs. RTS offers a comprehensive choice of these within our product range" comments Christian M. Schild, RTS’ Board member and Head of Global Sales.