2006 business review

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A remarkable year in Post Trade Derivatives

The Derivatives Middle and Back Offi ce businesses housed in the Post Trade Derivatives (PTD) Business Line account for more than 11% of the Group’s total turnover, generating over €21m.

2006 brought the signature of a very substantial contract -- worth US$5m over two years -- with a major US company. We have created a dedicated project team and strengthened our local development resources. Other sizeable contracts were renewed in the region, resulting in the PTD business line reporting growth of over 80% locally.

It was also a successful year for PTD in the Asia-Pacific region, as reflected by turnover growth of more than 150% to €1.4m, including the signature in Hong Kong of a new contract that illustrates the credibility of the Asian version of our full Middle-Back Office solution.

Post Trade Securities: growth around a UK-USA axis

The PTS business, born from the acquisition of MSTS’s Back Offi ce business and strengthened in 2006 by the acquisition of Oasis in the USA, generated growth of 33%. We have made considerable efforts to consolidate the business in the US and to integrate it with our existing GL RIMS European platform. In particular, we have developed and introduced tools that comply with US regulations and supplied a major Tier One client with our fi rst fi xed income and equity multi-product solution.

In Europe, 2006 also brought the start of the production of an ASP Back Offi ce platform for a German banking client. The widely-recognized professionalism of our staff and our understanding of client requirements have proved to be major advantages in the successful implementation of this solution.

TRADIX: Active expansion in trading solutions for OTC instruments

The distribution of TRADIX solutions in various European countries, the Middle East and the USA, has confirmed client interest in a complete Front to Back offering for Over the Counter (OTC) products. We carried out specific development for some of our clients, such as the Back Office and Accounting module for Agence France Trésor. Other major companies are already using our IAS modules for cash management. This product line generated turnover of €4.6m.

The major projects coming into production in the first quarter of 2007 in the Middle East, and the acquisition of FNX Solutions in the USA, suggest that the group has good opportunities for growth and gains in market share in the Capital Markets field.

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