Zurich based HSBC Guyerzeller Bank has licensed Ubitrade's derivatives clearing and settlement system, Ubix.
The Swiss bank will use Ubix to manage listed derivatives. The system uses a relational database and relies on a client/server architecture.
René Büchler, SVP, head of IT, HSBC Guyerzeller Bank, says: "A key driver in our decision was the experience and professionalism of Ubitrade as system integrator to mitigate the risk of time to market and unexpected project cost."
Laszlo Teleki von Szek, head of sales, Europe, Ubitrade, says the bank is a member of Eurex Clearing and the vendor hopes this deal will encourage other direct or general clearing members of Eurex to review their current systems.
HSBC Guyerzeller Bank selected the Ubitrade system from a shortlist of three vendors.