Model-based software for the global securities industry
Press release
Mitsubishi UFJ Securities International plc (formerly Mitsubishi
Securities International) selects Syn
for
bonds settlement
Coexis achieves hat trick at Mitsubishi UFJ Securities International
plc (MUSI) with Syn now
the standard environment for managing equities, bonds and reference
data.
London 11 July 2005 – MUSI has selected Syn from
Coexis to replace the existing ADP Wilco Gloss system for managing
its bond business. SynSettlements was chosen following a rigorous competitive evaluation and the new
system is expected to go live at the end of 2005.
MUSI aims to achieve similar high levels of straight through processing – at
around 95 per cent – that have been attained since migrating
settlement its equities business to Syn and
implementing Syn for
counterparty static data, three years ago.
Consistency of systems technology, which enables business analysts (rather than IT) to use the software themselves to quickly and easily model or change business processes, take advantage of new opportunities and deliver the highest levels of customer service, will deliver greater business efficiency and synergy.
"We had an urgent need to replace our existing ADP Gloss system
for fixed income settlements,” said Don Simpson, managing director
of operations & technology at MUSI. “Syn was
selected because it was the most cost effective solution. Having
the same settlements system for bonds and equities will also allow
us to achieve higher STP and greater efficiency improvements."
SynSettlements is a flexible, rules and lifecycle driven back-office processing
engine handling all transactions from trade capture through to ledger
postings. Process automation is key in minimising the human involvement
needed in processing a given transaction. Syn goes
a step further in reducing operational costs and improving STP through
its automated approach to exception handling for the correction and
rapid repair of transactions.
Sunil Shah, chief executive officer of Coexis, said: “This
was a tough, competitive bid which we are delighted to have won. Syn is
unrivalled in delivering very high STP rates using automated interfaces
and integrated real-time workflow and monitoring.”
Mitsubishi UFJ Securities International plc (MUSI) is a wholly owned subsidiary of Mitsubishi UFJ Securities Co Ltd and is involved in capital markets’ businesses including structured finance, equities, fixed income products, derivatives, exotics and new issues.
About Syn and
Coexis
Coexis, the creator of Syn® ,
is an IT product provider with 30 years’ experience of meeting
the software needs of businesses in the international capital markets. Syn applications
take advantage of a process-oriented, rules-based approach which
free users from the high cost of bespoke solutions and the rigidity
of off-the-shelf packages. Applications include SynSettlements,
(settlement of bonds and equities), SynFixRouter, SynFundsSupermarket and SynCustomer.
-ends-
Press contact: Salli Roskilly Saffron Communications Limited
T: +44 (0)1763 208708 E: salli at saffroncoms.com
Further information from Sunil Shah, chief executive officer, Coexis
Limited
1 High Street Rickmansworth Herts WD3 1ET UK
T: +44 (0)1923 720477 E: sunil.shah at coexis.com