Deutsche Boerse IT subsidiary entory and Dresdner Kleinwort Wasserstein (DrKW) will be offering financial services providers IT solutions for their electronic trading business in the future. The first cooperation project between the two companies is to integrate the “e-bookbuilding” new issue platform for DZ BANK. entory is a strategic partner of DrKW.
The new issue platform aims to enable electronic book-building for bonds and to replace the majority of the manual processes currently performed. The software supports joint lead activities, where several banks work as a syndicate to underwrite an issue. All authorized users are given access to consistent data via a platform. entory is responsible for the implementation of the platform, as well as for adjusting it to meet the specific needs of DZ BANK.
“We are delighted to be able to offer our market-leading new issue technology to other banks in cooperation with entory,” says Sean Park, Managing Director at DrKW.
“Over the past few years, a number of banks have approached us to express their interest in acquiring a license for our technology. As a bank, however, our focus does not lie in providing third parties with software services and software maintenance support. The cooperation with entory allows us to meet this market demand. We are extremely encouraged by our success in winning DZ BANK as our first client.”
“Our electronic book-building system offers issuers flexibility and maximum transparency, while minimizing the risk of data errors,” adds Frank Gerstenschlger, Chief Executive Officer at entory. According to Gerstenschlger, the installation of a stand-alone solution takes between three and five months. The electronic book-building system allows clients to save more than 50 percent on the cost of developing their own software solution.
In addition to electronic book-building, entory and DrKW plan to cooperate on further trading projects, such as the integration of central data management for master agreements and the integration of automated market conformity checks.
Together with Deutsche Brse Systems AG, Xlaunch AG and Clearstream TEC , entory forms Deutsche Brse Group’s IT division.