Mizuho Trust & Banking (USA) (MHTNY) has completed the implementation of the IT2 treasury management system (TMS) to provide a best practice straight-through processing (STP) solution to service its foreign exchange (FX) exposure management requirements.
The IT2 solution is integrated with SWIFT to manage payment settlements and the confirmation control mechanism. IT2 maintains and actions clients’ custody standard settlement instructions. The solution extends to risk control, including currency position management, credit line control and NPV calculation. IT2 is interfaced with MHTNY’s client custody system and with market data feeds.
Kevin Clarke, senior vice president (SVP) and chief risk officer (CRO) at MHTNY, said: “MHTNY provides highly integrated securities clearing and custody, fund valuation and securities lending services to Japanese institutional investors. We are engaged in a project to develop and offer custody and securities settlement services in new markets, including Canada, Mexico, Brazil, Chile, Columbia and Peru; the need to service FX handling for our clients led to the requirement for a robust, complete and cost-effective software solution. We selected IT2 to provide a secure end-to-end automated workflow for the bank’s front, middle and back office FX operations, and to manage exposure and hedges for spot, forward, swap and NDF transactions.”
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