SunGard Trading & Risk Systems has announced the signing of its first client in the People’s Republic of China, CITIC Industrial Bank. CITIC has selected SunGard’s Panorama system for front to back office trading of its FX, money market, fixed income and derivatives businesses. The bank will also use Panorama for managing its position risks, as well as the settlement and confirmation of all treasury trades.
CITIC says the system will support its ambition to be a leader in China in the adoption of advanced trading and risk management practices, in order to compete internationally following China’s entry into the World Trade Organisation (WTO). The bank is the first in China to implement an integrated front and back office STP solution, and will also be the first to adopt advanced risk management techniques, say officials.
Panorama has also been selected by Eksportfinans, the Norwegian Export Credit Agency. Eksportfinans is owned by the Norwegian government and commercial and savings banks throughout Norway.
Mai-Lill Ibsen, deputy chief executive of Eksportfinans, says, “With one solution, we can achieve [STP], support for complex derivatives, integrated market and credit and risk analysis, global credit limit management and a flexible architecture that can support future growth. We sought a system as a replacement for a legacy solution we had been using that could not handle our increasing volumes and growing sophistication.”
Meanwhile, Paris-based Credit Foncier de France (CFF) has selected SunGard’s BancWare for cross-currency interest rate risk management and product modelling. SunGard says CFF will use BancWare Insight to collect and validate its position from six legacy systems to perform transfer price calculation and assignment. BancWare Convergence will then import the data for asset/liability management, and advanced, multi-currency behaviour modelling. Convergence will be used to model and report on CFF’s multiple lines of business.