Misys First to Meet ISDA Market Practice Changes for CDS in Asia
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Fri, 30 Oct 2009 11:14:28 GMT |
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LONDON and HONG KONG, October 30 Misys
LONDON and HONG KONG, October 30 /PRNewswire-FirstCall/ --
- Latest Release of Misys Summit FT Includes Standardised Coupon Support
Misys plc (LSE: MSY), the global application software and services
company, today announces that it is the first to meet the market practice
changes that will come into effect throughout Asia on 20 December 2009.
Version 5.4 of Misys Summit FT covers all aspects of the market practice
changes announced by ISDA. The enhancement was available earlier in the year
and has successfully been adopted by credit derivatives customers in the
Americas and Europe.
ISDA, The International Swaps and Derivatives Association, recently
announced market practice changes to the trading convention for credit
default swaps (CDS) in Japan and Asia ex-Japan. Misys is committed to meeting
customer needs arising from these changes and its Misys Summit FT v5.4
already includes these changes. The changes come into effect on 20 December
2009 and include the adoption of standard coupons and full first coupons in
CDS transactions.
"As a member of ISDA, and a major player in the Derivative software
industry for 20 years, Misys is committed to ensuring market participants are
equipped to apply all new standards in a timely fashion," states Emmanuel
Nusomivici, Solution Manager, Credit Derivatives, Misys. "We want to take an
active part in reducing risks for the market in general and for our customers
in particular and our footprint in Asia enabled us to anticipate the new
standards. There is a broad increase in standardisation and increasing debate
about central counter party clearing which we are following closely. We are
constantly re-engineering our system to keep up with market evolutions and
will continue to focus on helping our customers improve transparency, risk
management and control."
Summit FT includes the following functionality to meet the new market
standards for Asia, including Japan:
- Trade capture - enhanced to meet the needs for CDS standard
coupon support including SNAC and the new ISDA Asia convention
- Market data capture and yield curve generation
- Out of the box interfaces to Markit for static and market data
from Markit
- Trade valuation including the new "open source" pricer and Markit
- Default management process to cater for the new backstop rule
- Hardwiring of the default events and process
- Internal and external straight through processing including
straight DTCC integration
Misys Solutions for Treasury & Capital Markets has 20 years of experience
and unrivalled software development expertise. It creates integrated,
comprehensive solutions for financial institutions to manage their capital
market activities across multiple asset classes.
About Misys plc
Misys plc (FTSE: MSY.L), provides integrated, comprehensive solutions
that deliver significant results to organisations in the financial services
and healthcare industries. We maximise value for our customers by combining
our deep knowledge of their business with our commitment to their success.
In banking and treasury & capital markets, Misys is a market leader, with
over 1,200 customers, including all of the world's top 50 banks. In
healthcare, Misys plc owns a controlling stake in NASDAQ-listed
Allscripts-Misys Healthcare Solutions, Inc, a clear leader in the provision
of healthcare technology, serving more than 150,000 physicians, 700 hospitals
and nearly 7,000 post-acute and homecare organisations. Misys employs around
6,000 people who serve customers in more than 120 countries.
We aspire to be the world's best application software and services
company, delivering results for the most important industries in the world.
Misys: experience, solutions, results
Contact us today, visit: http://www.misys.com
For further information please contact
Edward Taylor
Global Head of Public Relations
Misys
Solutions for Banking and Treasury & Capital Markets
+44(0)20-3320-5530
edward.taylor@misys.com
Sebastian Mathews
Financial Dynamics
+44(0)207-269-7158
sebastian.mathews@fd.com
SOURCE Misys plc
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