China's largest bank, the Industrial and Commercial Bank of China (ICBC; Beijing), has completed a major 17 month project to implement treasury and capital markets systems from Misys, a global application software and services company. The development underpins the expansion of ICBC's treasury and capital markets business in the high-growth structured products area and will enable the bank to process high volumes of complex structured trades.
ICBC worked with Misys to implement Misys Summit FT, a treasury and capital markets solution to enhance trading efficiency on financial derivative market. Phase one of the implementation saw the bank go-live on Misys Summit FT's Fixed Income Back Office modules within weeks of ICBC's listing in October 2006.
The bank then completed a second phase, to take delivery of a front-to-back derivatives system which went live in May 2008. Finally, ICBC has successfully implemented Foreign Exchange and Money Market back-office system with Misys Summit FT.
ICBC partnered with Misys' services team used sophisticated modeling to test-drive trades and explore risk and exposure. As a result, the bank has successfully streamlined multiple processes across its front, middle and back offices including in deal entry, risk management and settlement, helping the bank to improve margins.