SEB expands relationship with 4sight 10 July 2015London Reporter: Stephen Durham
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SEB has successfully expanded its use of 4sight’s Oneworld Settlement system for its derivatives business.
The settlement system will enable SEB to process domestic and non-domestic equity and derivative trades on Oslo, Eurex and Nasdaq OMX exchanges.
SEB has used 4sight’s settlement solution for equities trading, but the bank wanted to replace multiple legacy settlement systems across different business lines with a single solution.
The project involved adding the settlement of new product types to the 4sight OneWorld Settlement system, establishing connectivity with a number of central counterparties and data migration from SEB’s legacy systems.
Sven Andersson, head of electronic execution equities at SEB, commented: “The 4sight system will enable us to increase trading volumes as our business expands and achieve significant operational efficiencies from using a single system solution to manage our clearing and settlement process across multiple business lines.”
Alastair Chisholm, managing director of 4sight, added: “We are delighted with the success of the implementation and the close working relationship we have developed with SEB. This project adds to the growing use of 4sight’s software products in Nordic region, with a number of Swedish banks now using 4sight’s settlement, collateral management and securities finance solutions.”
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