techniques such as collateralising and netting, and the ability to better integrate new instruments and delivery systems. Another risk component, Eagleye (at some point, Misys


dropped one of the middle ‘e’s), had been largely for the asset management industry. Misys had bought the specialist company in September 2002 for up to £15 million. Misys’ first success after this was at Luxembourg-based Ikano Fund Management, which took the solution to help it address the UCITS European Directive, as well as tackling other current and forthcoming regulations. Ikano was not a Misys client before this deal.


Eagleye checks and confirms pre- and post-trade positions


in real-time, against client mandates, institutional rules and government regulations. The product, developed for Microsoft .Net, has a rules-based engine at its centre. It was described as purely a ‘limit monitoring product.’ Eagleye was quickly applied to Opics, forming Opics


Risk Plus, with this meant to constitute a complete tool for buy-side and sell-side users. The fact that Opics is also based on Microsoft technology aided the fit. The first full implementation came at one of the Chinese sites for Opics, Bohai Bank, which went live in mid-2007, having taken the risk product at the start of 2006 in favour of offerings from Reuters and Sungard. Opics itself had gone live at the bank


Misys Risk


In October 2011, Misys launched a new enterprise market risk solution for trading, Misys Risk. Misys’ aim was to provide a single integrated risk management solution, which was drawn from technology acquired with Sophis, as well as Risk Vision and Eagleye. ‘At the core of Misys Risk is a scenario management system,


the precursor for which was a Sophis product,’ said Karim Blanc, head of risk management at Misys. The new offering was described as a ‘merger’ of some of the Sophis, Eagleye and Risk Vision components. ‘We’ve seen increasing demand for an integrated system for risk processing,’ he said. In the past, firms had needed to combine separate pieces like a risk calculator in the trading system, a reporting layer and others, which often led to ‘risky and hard to maintain environments’, he felt.


The key benefit of the offering was cited as the bringing together of alerts, scenario management, reporting, calculations and so on, in one place, to create ‘a seamless risk process’. The solution also attempted to bridge the gap between the trading and the central risk departments,


Risk Management Systems & Suppliers Report | www.ibsintelligence.com 91


in May 2007. Credit Union Central of Manitoba in Canada was another taker, signing in 2008 for Opics and Opics Risk Plus. It was the first North American taker of the Eagleye component. There was also added a solution called Almonde which came via a €15 million deal to purchase a France-based regulatory risk specialist of this name in August 2005. Misys and Almonde had entered into a strategic partnership in May of the previous year, with the stated aim of achieving integration between the Risk Vision platform and Almonde’s regulatory compliance and Asset and Liability Management products. There had been a few joint wins, including at BCEN. The decision was fuelled by the operational and credit


risk demands of Basel ll, with subsequent ‘indications from the market’ that Misys needed to broaden from its trading book-focused risk offering to include a banking book solution, said Misys’ CEO of Risk Management Systems, Michel van Leeuwen. ‘Given the time-frame in which Basel ll was going to have to go live, we found this partner, and achieved quite a few deals in the market. The decision to purchase was a no- brainer.’ Almonde had 35 staff and these moved into Misys Risk Management Systems. Misys had a number of wins at mostly low-end banks for Almonde after the deal.


allowing a switch between global and local views, as well as allowing traders and risk managers to respond quicker to emerging risks. Integration work had been ongoing since Misys’ acquisition of Sophis, which had closed in March 2011. The first taker of the risk offering was named as Banco Popolare in Italy, a user of Sophis’ Risque since around 2006. Some of the development work was carried out with Banco Popolare. Blanc said at the time of the launch that Misys was ‘working with a lot of other prospects’, adding ‘we already have a few other clients which are early adopters not of all the modules but which use the underlying architecture’. ING was subsequently claimed as a taker. Misys Risk was meant to be for a broad range of clients, but


early efforts would be focused on trading activity. Meanwhile, there would also be a migration path for the handful of users of Risk Vision, it was stated.


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