Head office: 340 Madison Avenue, Floors 6,7,8, New York, NY 10173, US Tel: +1 646 445 1180 Email: adaptiv.marketing@sungard.com Other offices: Australia, Belgium, Canada, China, Czech Republic, Denmark, France, Germany, India, Israel, Italy, Japan, Luxembourg, Malaysia, Mexico, Netherlands, New Zealand, Pakistan, Philippines, Singapore, Slovakia, South Africa, South Korea, Sweden, Switzerland, Taiwan, Thailand, UAE, UK, US, Vietnam Website: www.sungard.com/www.fisglobal.com Twitter: @SunGard Contact: Alyssa Gilmore Founded: Sungard was set up in 1982 as a spin-off of a division of Sun Oil Company Ownership: Venture capital and management owned Number of staff (FIS): 55,000


Server or Sybase and it could operate separately from Devon or any other Sungard system. It sold well and gained a wide international base, mainly among banks, over the next few years.


GEIS’s RXM was acquired in 2000. The global limit management system was deemed no longer core to GE’s business. It was based on the mainframe and initially used GE’s proprietary network. It traditionally competed with an offering from Reuters. Sungard inherited the development of a replacement system based on Windows and this produced an offering, launched soon after the acquisition, called Credient. There was an emphasis on an ASP delivery model. In 2002, ING became the first live user of Credient (ING subsidiaries, BBL and ING Global Treasury, had both been using RXM). Other RXM users gradually moved across to Credient/ Adaptiv but the projects were not always straightforward as the old GE system was often tightly integrated within their organisations. For instance, when ABN Amro made the move in 2004/5, there were 45 interfaces, to internal systems such as those of Murex, Reuters (Kondor+), OMR and an in-house system called Score, and out to external systems such as CLS. Westpac, WestLB and Bank of Montreal were others to upgrade. In 2004, as part of the coming together of different units,


the Panorama and Credient systems were brought into a single business unit and there was a study of the areas of overlap and differentiation. The Adaptiv brand was adopted in 2005 and Panorama largely contributed the market risk portion, with Credient the credit risk part. Adaptiv 360 was the successor to Panorama; Adaptiv Credit Risk was the rebrand of Credient. A project during this year came up with an analytics engine, dubbed Adaptiv Analytics. This component is shared by the other Adaptiv components, so Adaptiv 360 calls Adaptiv Analytics for market risk analytics and Adaptiv Credit Risk does the same for credit risk. It is meant to address the needs of traders, heads of desks and risk managers. There is also Adaptiv RiskBox, which is touted as an ‘out of the box’ version of the suite covering market risk and counterparty credit exposure calculations (simulation-based VaR, stress testing, IRC and PFE). It is not specifically a ‘black


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box’ as it allows user to drill down into exposures through a range of reporting facilities. It was launched in late 2010; an early adopter, alongside Front Arena, is Austria-based Raiffeisen-Landesbank Steiermark. There is also a market data management component and Adaptiv Operations, the latter being for tradecycle management of OTC derivatives, largely as a successor to the back office of Panorama and, before this, the older Devon. These were sometimes sold together, with Devon typically for FX derivatives – Basler Kantonalbank was a signing for the Devon/Panorama combination in 1997, for instance. One other component is Adaptiv Collateral for collateral management. This was a focus for development work by Sungard in 2010 and into 2011 to cater for the heightened need to optimise collateral across different areas of a bank, potentially linked to other Sungard applications such as the Martini bond and equity financing system and Apex securities finance system or, on the exchange-traded side, the GL Trade- derived Ubix or Stream GMI. Mat Newman, vice president, product management,


Sungard Adaptiv, likened a component such as Adaptiv 360 to a ‘chassis’ into which other components can fit. It is possible to take components on their own. For instance, Nordea signed for only Adaptiv Analytics a few years ago, for CVA calculations but feeding the system and managing the reporting through other software. The bank subsequently added Adaptiv Credit Risk in 2010.


On the technology front, Sungard settled on Microsoft,


primarily .Net Framework. At the front-end, a web-based thin client is appropriate for some applications, such as Adaptiv Credit Risk, that could have hundreds or thousands of users, but for others there is likely to be a need for a more interactive desktop component, such as the use of RiskBox by a risk management department for daily VAR reporting. The look and feel is as consistent as possible, said Newman. The positioning has Adaptiv aimed at larger banks, rather than tier three and four, which is more the Ambit target sector. It is for those that want to go beyond risk reporting to understand and actively manage it. Algorithmics/IBM is a traditional competitor, so too in-house developments. Not really competitors are those suppliers that have been adding


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