Sacombank Automates with DST International
HO CHI MINH CITY-Vietnamese broker Sacombank Securities Company has selected software vendor DST International's (DSTi) Asia-specific trading solution, including a back office system to improve automation of data.
The DSTi Back Office Solution for Trading (BeST), enabling Sacombank to achieve greater straight-through processing (STP) of trade settlements, will be used to store customer data, including all investments, positions, cash and settlement information, among others.
Sacombank chose DSTi due to its focus on the Vietnamese market. "We are one of the only international vendors operating in Vietnam at the moment," says Rhonda Lepsch, CEO for the Asia Pacific region at DSTi.
She adds that Sacombank preferred an international vendor to a domestic one as it wanted to implement international practices. "Sacombank was looking to DSTi because of our international experience to bring not only the software to Vietnam, but also the best practice terms of operation," comments Lepsch.
In the fourth quarter of 2006, when Sacombank Securities Company started its operations, DSTi entered discussions with the broker, which has since been instrumental in providing insight into Vietnam's market regulations. "They have been working with us in our development shop to ensure that all of the Vietnamese requirements were covered," says Lepsch, adding that there are certain variations in processing requirements in different Asian countries.
Sacombank signed the agreement with DSTi on 29 May and the system will be implemented in July. BeST, which will have 10 users, is set to go live with clients on August 1, while the front office and internet trading solutions also included in the deal will be introduced later.
As there is no electronic trading in Vietnam, DSTi is currently working with the Ho Chi Minh City Stock Exchange to provide connectivity to its front office system, the Equities Trading Solution (ETS). "When that is done, we will be able to turn on the ETS solution and we will have a full straight-through processing front-to-back solution for Sacombank," she explains.
According to Lepsch, the front office system could in theory be used before interfacing with the exchange by creating a file that could then be printed and faxed to the trading center, "but the STP is not there yet".
DSTi has operated in the Vietnamese market since 2000 and is soon setting up an office in Ho Chi Minh City, which will provide full services ranging from sales and implementation to client support.
Tine Thoresen
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