Axis Bank adopts Misys technology to support growth in derivatives and boost risk management
India’s 3rd largest private bank to implement Misys Summit FT in drive to become leader in interest rate, credit and FX derivatives
15 July 2008 – Axis Bank, India’s 3rd largest private bank, has become the latest Indian financial institution to adopt technology favoured by global investment banks, having chosen to implement a new derivatives system from Misys, the global application software and services company.
Axis will implement Misys Summit FT, a best of breed treasury and capital markets solution, in its Treasury to become a leader in interest rate, credit and FX derivative products in the Indian market and boost risk management.
The Treasury business of the bank has witnessed good growth during the current financial year. The Bank also has an exclusive derivatives trading desk which provides derivatives services to select customers and takes proprietary trading and hedging positions in derivatives.
Derivative transactions can expose the Bank to three broad categories of risks: counterparty credit risk, market risk and operational risk. With derivatives and structured products operations currently served by a range of third party vendor solutions, spreadsheets and customer built platforms, the bank is predicting that rationalizing systems across front, middle and back office operations will provide significant competitive advantage.
Misys Summit FT was evaluated against other platforms from global software vendors Murex and Calypso as well as a number of technology products from India IT companies.
Prabhakar Saxena, Misys’ General Manager in India, adds: "We have deep experience of working with India's major financial institutions in the retail and corporate banking market. We’re seeing a strong trend for Indian banks to adopt globally proven investment banking and capital markets technology to enable them to trade the most innovative financial instruments."
In March, last year Misys Summit FT was chosen by HDFC to support its interest rate derivatives operations. Misys Solutions for Treasury & Capital Markets has 18 years of market experience and unrivalled software development expertise. It creates integrated, comprehensive solutions for financial institutions to manage their capital market activities across multiple asset classes.
For further information please contact
Stephen White
Misys Treasury & Capital Markets
t. +44 (0) 207 757 6134
stephen.white@misys.com
Sebastian Mathews
Financial Dynamics
+44 (0) 207 269 7158
sebastian.mathews@fd.com
About Misys Summit
Misys Summit provides strong front-to-back real-time features, from deal capture, pricing, analytics and hedging through to risk management and STP.
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 is a market leader, serving more than 100,000 physicians in 18,000 practice locations and 600 home care providers. Misys employs around 4,500 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: www.misys.com
