Model-based software for the global securities industry
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 SynApps 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 SynSettlements,
order routing and funds supermarket trading with SynOrders,
and counterparty reference data management with SynReferenceData.
The use of advances in software design and development techniques by Coexis heralds a new era of applications which
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deliver completely customised solutions within the timeframes and economics of a packaged solution
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extend exception-based straight through processing (STP) ideas to fully proactive business process management
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provide unique agility to adapt to business changes
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allow complete flexibility to adapt applications within a fully vendor maintained system - the concept of ‘Maintained Independence’ is introduced
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scale incrementally to allow stepped investment in infrastructure costs
SynApps 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 SynApps.”
SynApps 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 SynApps 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 Synterms
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 SynPlatform contains the SynEngine 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 SynSolution
Configuration Environment which is used by customers to configure
and extend a SynApp
to meet their precise business needs.
Initially Coexis is launching three application solutions with:
- SynSettlements
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.
- SynOrders – for
buy side automation, order routing / funds supermarket, especially
for the Unit Trust sector
- SynReferenceData – for
standardised management across the enterprise
Early Adopters
SynApps have been developed working in close co-operation with companies
like Swissca and Tokyo-Mitsubishi International.
Swissca uses SynOrders 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: "Syndelivers
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 Synsolution
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 SynApps for equities settlement and static data management. Don Simpson,
managing director, operations and technology, MUSI says: “By
introducing Synwe
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