Specialty chemicals company Styron has selected the IT2 treasury management system (TMS) to support its cash, cash accounting and treasury risk management operations.
The completed IT2 roll out will support a global network of four treasury centres, based in the US, Brazil, Switzerland and Hong Kong. IT2’s technology partner Rackspace will host the system.
Michael Rowan, assistant treasurer at Styron, said: “As a newly spun-off greenfield operation, we had to move fast to select a treasury system. We chose IT2 because it is a truly integrated and complete solution that fits our immediate and evolutionary needs. The first implementation phase will fulfil core requirements around cash management, cash accounting and basic treasury. We will then move on to implement more advanced functions including interest rate hedging, hedge accounting and risk management. We are looking forward to working with IT2 to build a best practice operational platform that will serve us for the years ahead.”
IT2 will support an evolving foreign exchange (FX) hedging programme that will include a portfolio of barrier and average rate options and non-deliverable forwards (NDFs). IT2 will additionally support the use of fixed, floating, index-linked and zero coupon rate loans and deposits and interest rate swaps. Styron’s cash management requirements include the IT2 Smart Cash Modeller, multilateral netting and cash concentration, coupled with integrated bank account administration. For risk management, Styron’s front office will use a range of IT2 facilities including hedge accounting, credit risk management, scenario analysis and value-at-risk (VaR).
Additionally, Styron’s network of subsidiaries will use IT2 NET for transmission of deal requests, cash/liquidity forecasts, exposures and budgets, account balances, electronic bank account administration (eBAM) messages, invoices for multi-lateral netting, settlements and reporting.
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