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Tech rankings 2011

Buyouts and divestments were not the only interesting developments shaking up the delivery of risk management, pricing and analytics, and trading technology in the Asia-Pacific region during the past year. New rules and regulations were also a significant driver of new investment in IT. Clive Davidson reports Overall results
All categories
2011 v 2 2010 2 1 3 4= ~ ~ 6 8= 4= ~ ~ ~ Vendor Murex Thomson Reuters Misys Algorithmics Calypso GFI Fenics Moodys Analytics SunGard Bloomberg Imagine Software Numerix SuperDerivatives 1st 6 5 6 2 2 1 1 1 1 0 0 0 2nd 8 6 1 2 2 1 1 1 0 1 0 0 3rd 4 3 8 1 1 1 1 0 1 1 2 1 Points 38 30 28 11 11 6 6 5 4 3 2 1

T

he Asia Risk technology rankings 2011 took place against the backdrop of major merger and acquisition (M&A) activity in the market. In March, London-based Misys – placed third overall in last year’s rankings – completed its acquisition of Parisbased Sophis, which came seventh. Shortly afterwards came the news that Misys itself was an acquisition target. Meanwhile, Thomson Reuters, overall winner of last year’s rankings, announced that it was putting its trading and risk management technology division up for sale. This M&A activity has already affected this year’s rankings. Sophis has disappeared from the listings – its client base, and therefore its votes, being incorporated with those of Misys. Sophis always performed particularly strongly in the equity pricing and analytics, and trading systems categories. Now the winning slot in these two categories features the name Misys. The acquisition of Sophis has not, however, moved Misys up the overall rankings. It still remains third. But the firm has significantly closed the gap on Thomson Reuters – 2010’s overall winner. Last year, Misys collected less than half as many points as Thomson Reuters – 20 points for Misys compared with 44 for Thomson Reuters. This year, Misys scored 28 points versus 30 for Thomson Reuters.

3 4= 4= 6= 6= 8 9 10 11 12

Trading systems – overall
2011 1 2= 2= 4 5 2010 1 2 3 ~ ~ Vendor Murex Thomson Reuters Misys Calypso GFI Fenics 1st 2 2 1 1 0 2nd 3 0 1 1 1 3rd 1 1 2 1 0 Points 13 7 7 6 2

Derivatives pricing and risk analytics – overall
2011 1 2 3 4= 4= 2010 2 1 3 ~ ~ Vendor Murex Thomson Reuters Misys GFI Fenics Calypso 1st 1 1 2 1 1 2nd 3 2 0 0 0 3rd 2 1 1 0 0 Points 11 8 7 3 3

Murex masters all
It topped the poll in credit risk management, commodities pricing, hybrid and commodities trading systems, back office, and after-sales service. In addition, it picked up nine second places and two thirds. Murex attributes its success to its support for clients with the challenges they face – challenges that have not been any different from the rest of the world. “Our customers in the region have been looking at further strengthening their risk management framework to conform to requirements from regulators, including investing in improving their processes to satisfy the Dodd-Frank initiative,” says Guy Otayek, Singapore-based chief executive of Murex Asia. Meanwhile, many financial institutions in markets such as China, Vietnam, Thailand and Korea are looking at catching up and introducing state-of-the-art trading and risk management platforms. A major Vietnamese bank is among the company’s recent wins in the region. The combination of new regulations, growing markets and the need to be technologically sophisticated to be competitive has boosted risk technology spending. “With new players like the clearing houses rushing to capture the OTC clearing business, IT investments are clearly back,” says Otayek. l

Risk management – overall
2011 1 2 3 4 5 2010 3 4= 2 1 6 Vendor Misys Algorithmics Murex Thomson Reuters Moodys Analytics 1st 3 2 2 1 1 2nd 0 2 1 2 1 3rd 5 1 1 1 1 Points 14 11 9 8 6

With new players rushing to capture the OTC clearing business, IT investments are clearly back
Guy Otayek, Murex Asia

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1% 11.2% 15.7% 11.0% 14.1% 11.1% 12.3% 13.5% 9.5% 11.7% 11.5% 10.5% 13.5% Hybrids 2011 1 2 3 4 5 2010 (3=) (2) (5) (~) (1) Vendor Misys Murex Numerix Pricing Partners Thomson Reuters % 17.0% 2 Reprinted from September 2011 .0% Equities 2011 1 2 3 4 5 2010 (4) (1) (3) (5) (~) Vendor Misys Murex Thomson Reuters Imagine Software SunGard % 18.5% 10.2% Foreign exchange 2011 1 2 3 4 5 2010 (1) (~) (2) (3) (5) Vendor Thomson Reuters GFI Fenics Murex Misys Bloomberg % 16.7% Interest rates 2011 1 2 3 4 5 2010 (1) (2) (5) (4) (3) Vendor Thomson Reuters Murex Numerix Bloomberg Misys % 16.3% 16.8% 10.8% 10.8% 16.5% Credit 2011 1 2 3 4 5 2010 (5) (2) (1) (4) (3) Vendor Calypso Technology Murex Thomson Reuters Misys Bloomberg % 16.1% 16.2% 12.3% 11.6% 12.4% 10.1% 10.1% 11.6% Foreign exchange 2011 1 2 3 4 5 2010 (~) (1) (2) (3) (4) Vendor GFI Fenics Murex Thomson Reuters Misys Bloomberg % 17.2% 14.9% 13.2% 11.9% 16.8% 11.8% 15.2% 13.2% 10.8% 13.1% 14.6% Interest rates 2011 1 2 3 4 5 2010 (1) (2) (5) (3) (4) Vendor Thomson Reuters Murex Calypso Technology Misys Bloomberg % 16.3% 14.3% 10.9% 14.9% 10.5% 11.0% 9.1% 12..3% 15.8% 9.1% 12.1% Credit 2011 1 2 3 4 5 2010 (5) (1) (3) (2) (4) Vendor Calypso Technology Murex Misys Thomson Reuters Bloomberg % 16.1% 13.2% 13.2% Equities 2011 1 2 3 4 5 2010 (1) (~) (2) (3) (~) Vendor Misys Imagine Software Thomson Reuters Murex Pricing Partners % 18.Tech rankings 2011 Trading systems Commodities 2011 1 2 3 4 5 2010 (1) (4) (2) (3) (~) Vendor Murex Misys Bloomberg Thomson Reuters SunGard % 15.8% 10.1% Derivatives pricing and risk analytics Commodities 2011 1 2 3 4 5 2010 (1) (2) (4) (3) (~) Vendor Murex Thomson Reuters Misys Bloomberg SunGard % 18.5% 11.0% 12.2% Hybrids 2011 1 2 3 4 5= 5= 2010 (2) (~) (3=) (1) (5) (3=) Vendor Murex Calypso Technology Misys Thomson Reuters SunGard Bloomberg % 17.

usability.7% 9.3% 10. derivatives pricing and risk analytics. respondents were awarded a percentage of the total vote.6% After-sales service 2011 1 2 3 4 5 2010 (1) (3) (~) (~) (4) Vendor Murex Thomson Reuters GFI Fenics Bloomberg Algorithmics % 16. In the tables above.1% 9. trading systems. with three points for a first place.6% 10.0% 10. and support services. In each category.1% 15.9% 11.0% 3 . Respondents were asked to nominate the companies that provide the best products across a range of categories covering: risk management. two points for a second place and one point for a third place.0% Risk management Credit risk management 2011 1 2 3 4= 4= 2010 (2) (1) (4) (3) (5) Vendor Murex Thomson Reuters Misys Algorithmics SunGard Market risk management 2011 1 2 3 4 5 2010 (2) (3) (1) (4) (5) Vendor Algorithmics Thomson Reuters Murex Misys SunGard % 14.2% 12.0% 14.7% 2011 1 2 3 4 5 2010 (1) (2) (5) (4) (3) Vendor Thomson Reuters Murex Imagine Software Bloomberg Misys % 15.4% 11.com Tech rankings 2011 Support services Implementation efficiency % 18.4% 11.6% 9. Enterprise-wise risk management / cross-risk integration 2011 1 2 3 4 5 2010 (1) (3) (~) (4) (~) Vendor Misys Murex Thomson Reuters Algorithmics SAS % 16. performance.7% 9.9% 9. Voters were asked to base their choices on the following criteria: functionality.6% 10.3% Back office 2011 1 2 3 4 5 2010 (2) (4) (3) (1) (5) Vendor Murex Calypso Technology Misys Thomson Reuters SunGard % 16.2% 14.5% Liquidity risk management 2011 1 2 3 4 5 2010 (~) (1) (5) (~) (2) Vendor Thomson Reuters Moody’s Analytics Misys SunGard Murex % 16.9% 11. The top-fives of all 24 categories are published overleaf.3% 13.5% 12.2% 10.1% 14.www.5% 10.7% 13.1% 9.3% 15. companies were awarded points based on their placings in the individual categories.murex.8% 12.5% 12. Asia Risk verified the validity of votes and discounted invalid votes.9% 10.9% Methodology Asia Risk surveyed technology users in Asia in July.9% 13.5% 11.4% 10. return on investment and reliability.2% 13.4% Operational risk management 2011 1 2 3 4 5 2010 (1) (4) (3) (~) (~) Vendor Misys SunGard Algorithmics Wolters Kluwer Oracle % 16.