Hyundai Securities has awarded a contract to Sophis, a provider of cross-asset, front-to-back risk management solutions, together with its strategy partner, Koscom. Hyundai, a leading Korean investment bank, will utilize Sophis’s VALUE System.
This is the first FICC-driven (fixed income, interest rates, currency and commodities) deal in Korea where Sophis is well established as a leader for equity and commodities solutions, according to the release. Under the contract, Sophis and Koscom will be responsible for the implementation of the solution and Koscom for the local support and maintenance.
In a statement, Corinne Grillet, COO of Sophis Asia, conveyed the company is eager to demonstrate the true cross-asset class capabilities of its VALUE platform. She also commented on the success of its partnership with Koscom and plans to work with the company on many 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 opportunities for Sophis to provide solutions to some of South Korea’s leading financial institutions.
According to the release, 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.
In a statement, Sang Ryu, Head of FICC for Hyundai, said, “In our drive to continually provide authentic financial products to our customers, we recognized that building a modern analytical framework and fully utilizing 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 customization.”