Mitsubishi Securities International (MSI) has selected Syn~ from Coexis to replace the existing ADP Wilco Gloss system for managing its bond business. Syn~Settlements is expected to go live at the end of 2005.
“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 MSI. 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 Securities International (MSI) is a wholly owned subsidiary of Mitsubishi Securities and is involved in capital markets businesses including structured finance, equities, fixed income products, derivatives, exotics and new issues.