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Misys First to Meet ISDA Market Practice Changes for CDS in Asia

Posted on: Friday, 30 October 2009, 06:14 CDT

LONDON and HONG KONG, October 30 /PRNewswire-FirstCall/ --

- Latest Release of Misys Summit FT Includes Standardised Coupon Support

Misys plc (LSE: MSY), the global application software and services company, today announces that it is the first to meet the market practice changes that will come into effect throughout Asia on 20 December 2009. Version 5.4 of Misys Summit FT covers all aspects of the market practice changes announced by ISDA. The enhancement was available earlier in the year and has successfully been adopted by credit derivatives customers in the Americas and Europe.

ISDA, The International Swaps and Derivatives Association, recently announced market practice changes to the trading convention for credit default swaps (CDS) in Japan and Asia ex-Japan. Misys is committed to meeting customer needs arising from these changes and its Misys Summit FT v5.4 already includes these changes. The changes come into effect on 20 December 2009 and include the adoption of standard coupons and full first coupons in CDS transactions.

"As a member of ISDA, and a major player in the Derivative software industry for 20 years, Misys is committed to ensuring market participants are equipped to apply all new standards in a timely fashion," states Emmanuel Nusomivici, Solution Manager, Credit Derivatives, Misys. "We want to take an active part in reducing risks for the market in general and for our customers in particular and our footprint in Asia enabled us to anticipate the new standards. There is a broad increase in standardisation and increasing debate about central counter party clearing which we are following closely. We are constantly re-engineering our system to keep up with market evolutions and will continue to focus on helping our customers improve transparency, risk management and control."

Summit FT includes the following functionality to meet the new market standards for Asia, including Japan:

Misys Solutions for Treasury & Capital Markets has 20 years of experience and unrivalled software development expertise. It creates integrated, comprehensive solutions for financial institutions to manage their capital market activities across multiple asset classes.

About Misys plc

Misys plc (FTSE: MSY.L), provides integrated, comprehensive solutions that deliver significant results to organisations in the financial services and healthcare industries. We maximise value for our customers by combining our deep knowledge of their business with our commitment to their success.

In banking and treasury & capital markets, Misys is a market leader, with over 1,200 customers, including all of the world's top 50 banks. In healthcare, Misys plc owns a controlling stake in NASDAQ-listed Allscripts-Misys Healthcare Solutions, Inc, a clear leader in the provision of healthcare technology, serving more than 150,000 physicians, 700 hospitals and nearly 7,000 post-acute and homecare organisations. Misys employs around 6,000 people who serve customers in more than 120 countries.

We aspire to be the world's best application software and services company, delivering results for the most important industries in the world.

SOURCE Misys plc

Source: PR Newswire

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