Sophis, a provider of cross asset, front to back portfolio and risk management solutions, together with its strategic partner Koscom, has been awarded a contract to provide its Value system to Hyundai Securities, a leading Korean investment bank offering wealth management, brokerage and corporate financial services. Hyundai Securities is an affiliated company of the Hyundai Group.
This is the first FICC-driven (fixed income, interest rates, currency and commodities) deal in South Korea, where Sophis is well established as a leader for Equity and Commodities solutions. Under the contract, Sophis and Koscom will be responsible for the implementation of the solution and Koscom the local support and maintenance.
Corinne Grillet, chief operating officer of Sophis Asia, said, “We are delighted with this contract win, not only to be able to work with one of the Korea’s leading securities companies, but also to demonstrate the true cross-asset class capabilities of our renowned Value platform. We are also excited that our partnership with Koscom is proving so successful and we look forward to working with them on many other contracts in the future.”
Sophis and Koscom signed a strategic partnership agreement in September 2009 at a time when the Korean financial industry was changing and growing rapidly following the introduction of the Financial Investment Services and Capital Markets Act (FSCMA). The collaboration has led to some exciting opportunities for Sophis to provide solutions to some of South Korea’s leading financial institutions. The flexibility of Value, Sophis’ buy side cross asset portfolio and risk management solution, proved to be the key winning factor for Hyundai Securities, by linking the evolving Korean market regulations with international practice.
Sang Ryu, head of FICC for Hyundai, said, “In our drive to continually provide authentic financial products to our customers, we recognised that building a modern analytical framework and fully utilising IT technology will be essential in all aspects of our FICC business. Competitive advantage will not be obtainable without a superior quantitative edge. We chose Sophis’ software solution for its flexible and functional customisation.”