Quartet forms partnership with Japan's ISID

Quartet Financial Systems today announces the formation of a key partnership with Information Services International-Dentsu, Ltd. (ISID) to facilitate the growing demand of its trade lifecycle component ActiveStream, in the Asia-Pacific region.

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ISID, headquartered in Tokyo, is dedicated to contributing to the prosperity of its clients with its business and technology expertise. ISID has distinguished track records in Japanese financial industry as a prime system integrator. ,They bring to the table not only the expertise of leading-edge technology but a deep understanding of their client's business and much experience, and most importantly, success in the implementation of specific software vendor products for Japanese financial institutions. Quartet chose ISID as a partner in this region because they have both business and technology expertise to efficiently and properly implement both ActiveStream to meet client requirements.

Many trading systems in use today have rigid data models which are difficult to extend, can't keep up with front office innovation, and leave the window open to fraud by using the "cancel then re-book" methodology when making modifications to a trade. The ActiveStream component aims to address these weaknesses with a service-oriented architecture approach to trade lifecycle management while utilizing our clients existing services (pricing, settlement, corporate actions, trade capture, etc.). ActiveStream can use a company's quantitative pricing library to generate payoffs in middle office (settlements, etc.), and it saves on back office personnel normally used for reconciliation, manual calculations for complex exotics payoffs, confirmations, etc. It enables the front office to go to market quicker with new instrument types and at the same time allows the back and middle office, with less staff (no need for manual intervention any longer), to maintain those deal types and keep up with trader/quant innovation. Equally important is its unique bi-temporal engine, which clearly separates business and system time lines. By recording the cause of a deal change rather than simply recording the deal states, helps reduce booking errors and potential fraud across all types of finans of financial trades and allows for better regulatory reporting. One of our clients found that 80% of the work being done by its operations staff was based on the cancel / re-book scenario. Not only was this a huge waste of company resources, but the volume of this manual checking left them wide-open to fraudulent practices - both situations that have now been addressed.

Akira Kobayashi, Senior Executive Officer at ISID, is excited about partnering with Quartet and says "One of the key benefits that ISID brings to the table is our expertise in technology and business applications along with our special project management skills. One of the key advantages of this partnership is that we have a solid reputation in the financial markets space in Japan and we bring a deep understanding of our clients' business and infrastructure. We will work together to ensure our clients' success as that is our ultimate goal."

"Our clients want consulting services to help them create a framework for proper lifecycle management and auditing using our ActiveStream component. ISID, working together with the client IT and business personnel will be able to do just that," said Xavier Bellouard, one of the Quartet founders. "ISID has the skills and expertise to embed our robust components into a client's existing architecture, and are quite proficient with disparate architectures in which our components will sit. ISID is well-positioned to support our components from both a technical and business perspective which helps reduce implementation costs. In addition, it gives us and our clients, the confidence that the application will not only be implemented correctly, but on-time and on budget. To date, ActiveStream has been implemented to deliver lifecycle management, with its unique bi-temporal engine, for both structured and flow products to the front and middle office of a large bank. Tighter controls, quicker time to market for new product types and better reporting of trade lifecycle events for regulatory purposes, has been the driving force for ActiveStream's take-up by our clients."

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