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. Syn~Settlements 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."


Syn~Settlements 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 Syn~Settlements, (settlement of bonds and equities), Syn~FixRouter, Syn~FundsSupermarket and Syn~Customer.

-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

 

© Copyright Coexis Limited 2004-2008 – Find out more – call us on +44 (0)1923 726800