The system enables the ICBC to process high volumes of structured trades.
The Industrial and Commercial Bank of China (ICBC) has completed a 17-month project to implement treasury and capital markets systems from UK-based Misys, an application software and services company.
Misys has said that the development underpins the expansion of the Industrial and Commercial Bank of China’s (ICBC’s) treasury and capital markets business in the high-growth structured products area and will enable the bank to process high volumes of complex structured trades.
ICBC worked with Misys to implement Misys Summit FT – a treasury and capital markets system that is expected to enhance trading efficiency on the financial derivative market. Phase one of the implementation saw the bank go live on Misys Summit FT’s fixed income back office modules within weeks of ICBC’s listing in October 2006.
Following this, a second phase was completed by the bank to take delivery of a front-to-back derivatives system which went live in May 2008. Finally, ICBC has successfully implemented foreign exchange and money market back-office system with Misys Summit FT.
ICBC partnered with Misys’s services team and used modeling to test-drive trades and explore risk and exposure. As a result, the bank is expected to streamline multiple processes across its front, middle and back offices including in deal entry, risk management and settlement, helping the bank to improve margins, said Misys.