September 23, 2005
The Indian capital markets has seen a significant increase in the volumes and trade turnover of derivatives contracts with more players actively using structured derivative products to manage their risk. The markets have also witnessed increased complexity in the derivative structures that are being introduced in the markets. Most of this increased exponential activity in the OTC derivatives segment in India has happened over the last few years. With more and more banks and financial institutions entering these markets for hedging and trading operations, there is a clear need felt for a specialised derivatives software solution to manage this new business.
The recent announcement by SEBI, which would permit mutual funds to also trade in the derivative market, would add a new dimension and increased depth to the market.
To meet this market requirement Credence Analytics launched 'Quadryx', a comprehensive derivatives management solution. Quadryx currently handles most products and variants used in the market including foreign currency IRS, OIS, CCS, Quantos, basis swaps, range accrual/ barrier swaps, roller-coaster swaps and equity F&O (futures and options). Credence Quadryx is a STP solution that manages the processes including contract capture, processing, hedging, valuation, risk management, P&L generation, interest management, MIS, regulatory reporting and accounting of all derivatives products.
Since its recent launch in July 2004 Quadryx has become the most preferred derivatives management solution in the banking and financial sector. This has been corroborated by the large client base of more than 20 installations, which includes names like ING Vysya Bank, the SBI group, HDFC, Standard Chartered AMC, and Reliance AMC among others.
Quadryx has a modular architecture to incorporate new products and structures into the existing framework easily. The real benefit of Credence Quadryx is that it integrates seamlessly with the existing treasury solutions or it can be run independently with the accounting entries feeding into the existing treasury or core banking solution. It can also be interfaced with the leading rate feed terminals like Reuters, Bloomberg or Money Line Telerate for benchmark updation for valuation purposes.
Credence Analytics is India's leading specialized financial software solutions provider combining strong domain and technology skills to offer a wide range of high quality innovative software solutions for the banking & financial services industry. Credence Analytics has been ranked as the market leader for treasury solutions and risk management solutions in India for the last three consecutive years in the annual sales league table published by IBS, London. Credence Analytics today has more than 70 installations of its treasury and risk management solutions across the banking & financial services segment.