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Management Strategies

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HSBC Gets Derivatives Under Control

Bank deploys Yolus credit trading product.

Following an evaluation of vendor solutions for derivatives product control, London-based HSBC ($1.74 trillion in assets) has chosen the Y-ERM enterprise risk management (ERM) system from Yolus ( London). According to the software provider, Y-ERM imports end-of-day profit and loss and risk figures reported by front-office systems to deliver a consolidated view of the trading operation across products and locations. The solution is designed to scale to the requirements of the largest enterprise, Yolus says.

HSBC's decision to choose Yolus followed a pilot project. "The pilot, which was undertaken in 30 working days, allowed us to evaluate the Yolus system with our data and with regard to our working practices," explained Greg Williams, global head of derivatives product control IT for HSBC, in a release. "The pilot was tested with a 10-fold increase in trading volumes and evaluated against current and future-state requirements. In all cases these tests were met," he added, noting, "The good working relationship and the successful application of Yolus technology by other areas of HSBC also featured in our final decision."

The bank's credit trading product control group in New York will be the first users of the new ERM system, which will go live in early 2007. A larger program of work that will see practices for derivatives product control made standard across all HSBC locations also is planned, according to the release.

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Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio

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