AsiaRiskTechnologyRankings_2007

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M

urex topped the polls in Asia Risk ’s second annual technol-

ogy vendor rankings, holding top-three positions in 18 ofthe 19 categories and being an outright winner in 13, as

the French company garnered strong support for its suite of technol-

ogy for derivatives trading and risk management in Asia. With wins

spanning market risk, limit checking, analytics, trading and collat-

eral management, Murex has demonstrated consistency in terms of

meeting the broad range of its clients’ systems requirements.

The flexibility and broad appeal of Murex’s technology is shown

by the cross section of sectors and countries in which it won clients

in the past year, including China’s Everbright Securities; Korea’s

Shinhan Bank and Korea Life Insurance; Japan’s commodities and

finance company Mitsui & Co; and India’s largest private-sector

company, Reliance Industries, which spans energy, textiles and foods.

Meanwhile, Murex has also seen increased demand for its MX.3 sys-

tem, particularly its sophisticated analytics and support for structured

products, from foreign banks in the region.

“We have been seeing massive inflows from European investors

looking for investments in Asia,” says Guy Otayek, chief executive

of Murex Asia-Pacific in Singapore. “This has triggered the need

for foreign banks already established in the region to enhance their

capabilities in developing and delivering structured products to in-

vestors.” Meanwhile, regional banks, now healthier and wealthier

thanks to the strong economical cycle in the past 18 months, have

been investing in capital-markets technology while leveraging their

established retail and corporate networks to compete, he adds.

But the mission-critical nature of trading and risk systems for these

organisations means there is tremendous pressure to get selection

and implementation right. “Financial institutions are nervous to find

the right partner to accompany them on their journey,” says Otayek.

“The challenge is nothing short of a fundamental transformation of

the organisation to massively increase capacity for innovation and

scale, while reducing costs and maintaining real-time controls.”

Hybrid structures An example of the major challenges faced by institutions and theirtechnology suppliers is the processing demand of the new genera-

tion of hybrid products. “The growth of hybrid structured prod-

ucts in Asia has led to the introduction of new families of valuation

models leading to [processor] usages sometimes multiplied by 50,”

says Otayek. “The engineering challenge has been extremely excit-

ing for us – how to design an architecture able to scale massively,

for volume and/or complexity, while maintaining relatively low op-

erational costs.” The solution has included the use of grid comput-

ing – networks of low-cost processors that operate in parallel – and

sophisticated data distribution. ●

Fast-growing sophistication and increased volumes in derivatives and structured

products trading in Asia is necessitating a proportionate growth in software spending.

Clive Davidson reports

September 2007

7

Guy Otayek, Murex:

top of the pile again



7

Top 10 overall vendors

2007 2006 Vendor 1st places 2nd places 3rd places Points

1 1 Murex 13 4 1 48

2 4 Reuters 4 4 1 21

3 3 SunGard 2 4 1 15

4 – Calypso 1 2 5 12

5= 7 Algorithmics 1 1 1 6

5= – Imagine 1 3 0 6

7 – NumeriX 0 2 1 5

8 2 Misys 0 0 4 4

9 – SAS 1 0 0 3

10 8 SuperDerivatives 0 0 2 2

Note: Points are awarded as follows: 3 for a first place, 2 for a second, 3 for a third.

Market risk Vendors cited: 26

Pricing and risk analytics (this category did not exist in the same format last year)

Commodities Vendors cited: 16

2007 Company %

1 Murex 29.5

2 Reuters 12.6

3 SuperDerivatives 10.5

4= Brady 6.3

4= OpenLink 6.3

Cross-asset Vendors cited: 18

2007 Company %

1 Murex 28.2

2 NumeriX 19.3

3 Imagine 14.5

4 Calypso 12.1

5 Reuters 10.5

Equities Vendors cited: 14

2007 Company %

1 SunGard 31.8

2 Murex 25.0

3 Imagine 20.5

4 APT 9.0

5 NumeriX 9.0

Credit Vendors cited: 11

2007 Company %

1 Murex 22.0

2 SunGard 20.5

3 Calypso 18.1

4 NumeriX 11.8

5 Misys 7.1

2007 2006 Company % share of category vote

1 1 Murex 16.9

2 5 SunGard 12.3

3 – Imagine 11.6

4 2 Reuters 9.5

5 – RiskMetrics 9.2

6 8 Algorithmics 8.1

7 4 Misys 6.0

8 – NumeriX 4.9

9= 9 Bloomberg 3.2

9= – APT 3.2

Foreign exchange Vendors cited: 13

2007 Company %

1 Murex 28.7

2 Reuters 23.6

3 SuperDerivatives 10.1

4= GFI 8.4

4= NumeriX 8.4

Interest rates Vendors cited: 13

2007 Company %

1 Murex 30.3

2 Reuters 17.0

3 NumeriX 14.5

4 Bloomberg 10.3

5 Misys 9.1

Structured products Vendors cited: 17

2007 Company %

1 Murex 21.3

2 NumeriX 19.1

3 SunGard 17.5

4= Calypso 7.1

4= Misys 7.1

September 2007

Asia Risk surveyed technology users in Asia in July and

received 240 valid responses, an 18% increase on last year’s

204. Respondents were asked to nominate the companies that

provide the best products across categories such as market risk,

credit risk, trading systems, analytics and front-to-back-office

systems, based on functionality, usability, performance, return

on investment and reliability. Asia Risk verified the validity of

votes and discounted invalid votes.

How the survey was conducted



Commodities Vendors cited: 8

2007 2006 Company %

1 1 Murex 48.0

2 – Calypso 17.7

3= 3 Reuters 9.7

3= – Triplepoint 9.7

5= 2 Bloomberg 4.8

5= – OpenLink 4.8

Credit Vendors cited: 11

2007 2006 Company %

1 – Calypso 32.3

2 2= SunGard 22.5

3 1 Murex 18.6

4= 2= Misys 5.9

4= 4 Reuters 5.9

Cross-asset Vendors cited: 9

2007 2006 Company %

1 1 Murex 31.7

2 – Calypso 18.3

3 2= Misys 15.4

4 – Imagine 14.4

5 2= Reuters 13.5

Equity Vendors cited: 13

2007 2006 Company %

1 – Imagine 20.5

2 1 Murex 18.1

3 – SunGard 17.3

4 2= Sophis 8.7

5 2= Bloomberg 7.9

Foreign exchange Vendors cited: 12

2007 2006 Company %

1 2 Reuters 37.2

2 1 Murex 26.4

3 – Calypso 7.0

4 – GFI 6.2

5 – SuperDerivatives 5.4

Interest rates Vendors cited: 9

2007 2006 Company %

1= 1 Murex 29.0

1= 2 Reuters 29.0

3= – Calypso 12.8

3= 3 Misys 12.8

5 4 Bloomberg 8.5

Structured products Vendors cited: 8

2007 2006 Company %

1 1 Murex 39.0

2 – SunGard 17.3

3 2 Misys 14.5

4 – Calypso 13.6

5 – Imagine 5.5

Trading systems

7

September 2007

Collateral management Vendors cited: 6

2007 2006 Company %

1 1 Murex 39.0

2 2= Algorithmics 26.2

3 – Calypso 14.3

4 – Reuters 7.1

5 – Imagine 4.7

Basel II Vendors cited: 6

2007 2006 Company %

1 1= Algorithmics 18.8

1= 1= Reuters 18.8

1= – SAS 18.8

1= 1= SunGard 18.8

5 – Fermat 12.5

Credit risk management Vendors cited: 13

2007 2006 Company % share of category votes

1 – Reuters 25.5

2 2= Murex 24.5

3 – Algorithmics 8.8

4 2= SunGard 8.0

5 1 Misys 7.8

Credit risk

Limit checking Vendors cited: 15

2007 2006 Company %

1 1 Murex 28.2

2 3= Reuters 22.2

3= – Calypso 7.7

3= – Imagine 7.7

3= 2 Misys 7.7

Documents

AsiaRiskTechnologyRankings_2007