Source: Daiwa Securities SMBC


FinStudio was taken to cut across the silos, replacing the sub-ledger portions of each vertical system. Summit, for instance, handled trade entry, settlement and GL postings, with the expectation that it would lose the latter role. ‘If we get it right, we could trade on any system so long as we interface correctly to FinStudio.’ The in-house system or any of the other core systems might ultimately still be replaced – Daiwa tentatively referred to Project Three as decommissioning the mainframe. The settlement portion becomes more about workflow management if there is no longer the accounting part, said Muirhead, so effectively those middle components, including the in-house system, would shrink.


The sub-ledger was intended to feed regulatory reporting, risk and reconciliation systems. It would be the source for


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everything, including management accounting. This second project was expected to take between two and a half and three years, with management reporting (including capital allocations), then the general ledger portion, with a phased introduction on a product by product basis. The new infrastructure came to support not only London but also the rest of Daiwa Securities SMBC’s international operations, so across Paris, Milan, Geneva, Frankfurt, Madrid and Bahrain. London already provided all of the back office support for these; the operations already used Goldensource and Tibco and now added FinStudio. Ultimately, all trades were to be published on the Tibco middleware and picked up by FinStudio, with all GL postings from the latter. Muirhead likened it to replacing the foundations of a house while still living in it.


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