Mitsubishi UFJ Securities International plc (MUSI) has extended its use of Coexis’ Syn~ workflow and data management products to cover its full range of cash markets settlements. The aim is to achieve high levels of straight-through-processing across all cash markets asset classes by using standardized underlying technology based on the Syn~ platform.
Syn~ was already in use at MUSI, says Don Simpson, managing director of operations and technology, “For equity settlement and for counterparty static reference”. In this area the firm has achieved straight-through-processing rates of around 95%. Simpson says, “We have every reason to expect similar high levels of STP (with the extended rollout)”.
The extension applies the Syn~ workflow and lifecycle management system to the Japanese securities firm’s full range of fixed income instruments and securities financing transaction types such as repos, says Simpson. MISU is also involved in derivatives, exotics and new issues.
With this rollout, the existing ADP Wilco Gloss system has been “turned off”.
The Syn~ Settlements product is a rules-driven processing engine for handling all transactions from trade capture through to ledger postings. Its automated approach to exception handling for the correction and repair of transactions is credited with reducing the need for human intervention, thereby reducing operational costs and improving STP rates. The technology also enables business analysts, rather than IT staff, to model or change business processes.
Coexis recently sold a 20% stake in its company to Atos Euronext Market Solutions, Euronext’s 50:50 joint venture with French IT services company Atos Origin (MiFID Monitor, March 2006).