HDFC engages Misys Summit FT to focus on derivatives segment

Mumbai, Mar 20 (UNI) With a view to tap the lucrative derivatives market, HDFC Bank today announced that they had engaged leading capital markets software solutions provider, Misys Summit FT to revamp and fully integrate their systems.

Following the announcement, HDFC Bank gained 2.8 per cent to Rs 953 at the Bombay Stock Exchange (BSE).

HDFC Information Technology Head C N Ram said ''India is growing and the derivatives market is exploding. Global banks are eyeing this segment. We have to be innovators here. Our strategy is to be an innovator in the interest rate derivative market and become the de facto standard in India for interest rate products. To achieve our objectives we needed a sophisticated solution to work across the whole bank, from front office through to the back, enabling us to bring products to market faster and increase margins. The first phase will see Misys Summit FT implemented for interest rate and currency derivatives processing.'' ''We chose Misys Summit for its strong front-to-back real-time features - from deal capture, pricing, analytics and hedging through to risk management, and we believe that it will have a positive impact in our day-to-day operations. It will also ensure we achieve our goal not just in interest rate and currency derivatives, but in other areas of treasury and capital markets business in the future,'' HDFC Treasurer Sudhir Joshi said.

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