Press release

Coexis announces next generation software for capital markets

Syn~Apps set to revolutionise provision of software to the industry.
New approach delivers highly personalised, obsolescence-proof applications without incurring high cost of customised systems.

London March 27th 2003. Coexis today announced Syn~Apps the first new enterprise-strength applications for capital markets to take advantage of next generation software development techniques which free users from the high cost of bespoke solutions and the rigidity of off-the-shelf packages. The first application areas to be covered include settlements with Syn~Settlements, order routing and funds supermarket trading with Syn~Orders, and counterparty reference data management with Syn~ReferenceData.

The use of advances in software design and development techniques by Coexis heralds a new era of applications which

  • deliver completely customised solutions within the timeframes and economics of a packaged solution

  • extend exception-based straight through processing (STP) ideas to fully proactive business process management

  • provide unique agility to adapt to business changes

  • allow complete flexibility to adapt applications within a fully vendor maintained system - the concept of ‘Maintained Independence’ is introduced

  • scale incrementally to allow stepped investment in infrastructure costs

Syn~Apps are built using a high level modelling and rules-based software architecture. They include ready-built models of functionality, operational rules and formulae common to the international capital markets industry at large, based on knowledge that Coexis has acquired over 30 years of developing systems for the industry.

Internal IT staff and or business analysts can see and understand the high level language which describes these processes and very quickly learn to adapt them for themselves or build new ones to match proprietary business processes, which can deliver competitive advantage. Self-empowerment means that changes can be made quickly without reference to Coexis avoiding the delays that software changes usually incur, and without constraining the business’s agility and ability to respond to opportunities.

Tim Rhodes, founder director of Coexis led the 300 man year development project. “Ten years ago Coexis was a far-sighted proponent of a process-driven approach to software development, documenting our ideas and circulating them to the banking sector. We set out to overcome the shortcomings and frustrations users have with both a bespoke and packaged approach to systems. While for many software houses this approach is now the hot issue, for Coexis our early thinking gave us a head start and we now have mature and deliverable products based on this new approach in Syn~Apps.”

Syn~Apps are far advanced from the discrete software package modules of the past when you would, for example, buy a settlements package say for equities and then buy another for settling bonds and carry out some level of integration.

A Syn~Apps is a conceptual application. It is conceived by ‘turning on’ functionality and wrapping it with the specific business rules and presentation requirements of the individual investment bank. Every rendition is therefore unique and adding new business functions is simply a matter of enabling them. This granular approach delivers the flexibility, fluidity and rapid personalisation capabilities which are characteristic of next generation software.

“A good analogy,” explains Tim Rhodes “is to imagine that equities is a yellow box and bonds is a blue box. If you were to add bonds into a 'modular', product specific, system and generated a diagram thereof, you would have a diagram with a yellow box and a blue box. This is how software packages were built in the past. In Syn~terms you have a box that was white (no functions enabled) which turned yellow when you enabled equities and then green (the sum of yellow and blue) when you enabled bonds. This removes the need for integration and speeds up implementation.”

Syn~ Features:
The Syn~Platform contains the Syn~Engine runtime technology, which executes processes and rules, and all the low level things needed to make a 'mission critical' system run. It also includes the Syn~Solution Configuration Environment which is used by customers to configure and extend a Syn~App to meet their precise business needs.

Initially Coexis is launching three application solutions with:

  • Syn~Settlements for trade/order capture and routing, post-trade processing, settlement, position and global data management for bonds, equities, money markets as well as futures, options or any other instrument.
  • Syn~Orders – for buy side automation, order routing / funds supermarket, especially for the Unit Trust sector
  • Syn~ReferenceData – for standardised management across the enterprise

Early Adopters
Syn~Apps have been developed working in close co-operation with companies like Swissca and Tokyo-Mitsubishi International.

Swissca uses Syn~Orders to centralise and automate sophisticated and complex order management of both Swissca Group and third party funds on behalf of its owners – the Swiss cantonal banks. As a result execution costs have been reduced and the majority of orders are processed ‘hands free’. Mark O’Brien, associate director of IT and operations at Swissca comments: "Syn~delivers solutions in a totally new way. You define business rules to it and these can be changed as processing requirements change. When you make these changes, the Syn~solution just changes with your business. The system serves the needs of the business, not the other way round which is how it always should have been"

Mitsubishi UFJ Securities International plc (MUSI) , formerly known as Mitsubishi Securities International and Tokyo-Mitsubishi International, has implemented Syn~Apps for equities settlement and static data management. Don Simpson, managing director, operations and technology, MUSI says: “By introducing Syn~we have been able to move from 0 to 95 per cent STP in cash equities. Having accurate static data is also a critical factor for achieving high STP. We now have a platform for growing the business by five- or tenfold with minimal staff increase.”

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Press contact: Salli Roskilly Saffron Communications Limited
T: +44 (0)1763 208708 E:salli at saffroncoms.com

Further information from Donal O’Brien Coexis Limited
T: +44 (0) 20 7613 8800 E: donal.obrien at coexis.com

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