Assembles 'Euro Team' to Help Clients Around the World Address Transaction
Requirements Imposed by Introduction of the Euro
ROME, March 25 /PRNewswire/ -- Infinity, a SunGard company, today
announced support for the Euro across the company's full range of products,
including Panorama, Infinity 7, Infinity Forex, The Devon System and Opus. All
of these "Euro-enabled" products can handle the new currency and have
integrated the conversion rules established by the European Union.
The announcement was made at the Annual Meeting of the International Swaps
and Derivatives Association (ISDA) in Rome.
The company also announced creation of the "Euro Team," a group of
Infinity professionals worldwide who will provide client support and
consulting for Euro-related issues. Specifically, the Euro Team will work with
clients to:
-- Evaluate Euro-specific operational procedures;
-- Provide project management, database conversion and consultancy
services;
-- Assist in clients conversion programs.
Euro-Specific Functionality
To address evolving market needs, Infinity's Euro-enabled products will
provide the following functionality over the course of 1998:
-- Establishment of conversion rate utilities;
-- Conversion of existing trades to the new Euro currency on demand;
-- Display of cash flows in both original and Euro currency;
-- Confirmation and settlement in the specified currency either local or
Euro;
-- Pricing on relevant curves;
-- Profit/loss and position reports to be available in local and Euro
currency versions;
-- General ledger postings to be supplied in either local or Euro
currency.
Background
On January 1, 1999, the Euro becomes the currency of the European Economic
and Monetary Union (EMU) countries. Conversion rates of currencies of
participating countries will be irrevocably locked on this date and the ECU
currency unit will be replaced by the Euro. There then follows a period of
transition. Over the next two years there will be no compulsion or no
prohibition in the usage of the Euro. Parties to a transaction will have the
option of settling their transaction in either denomination (either in Euros
and cents, or in the national currency of the EMU country, e.g. Deutschmarks
and pfennigs). It is widely expected that the wholesale market will convert
immediately to the Euro for trading and settlement.
During this period existing legacy trades denominated in EMU-currencies
may be re-denominated into Euro. Re-denomination will be at the request of the
counterparty (for OTC trades), the issuer (for trades of underlying structures
e.g. bonds) and the exchange (for exchange traded products). From January 1,
2002, the EMU-currencies will cease to exist and all remaining legacy trades
denominated in EMU-currencies will be treated as Euro transactions.
Though the transition phase of the EMU begins in January 1999, the
financial markets are expecting to be able to trade the Euro in the gray
market as early as May 1998, once 'In' countries are established and budgets
approved.
About Infinity
Infinity, a SunGard company, provides enterprise applications for trading,
risk management and operations. Its customers are banks, asset managers,
corporates and government treasuries of every size, geographic spread and
operational complexity. Only Infinity's adaptable applications integrate all
the trading, risk management and operations activities of the enterprise,
developed and supported by the world's largest team of financial software
experts. SunGard Data Systems Inc. (NYSE: SDS) is the largest specialized
provider of proprietary investment support systems, a pioneer and leading
provider of comprehensive computer disaster recovery services and a provider
of proprietary healthcare information systems. Infinity can be reached at
http://www.infinity.com.
SOURCE Infinity, a SunGard Company
 back to top
Related links:
http://www.infinity.com
CONTACT:
U.S., Briana Jolicoeur, 650-940-6100, or
briana_jolicoeur@infinity.com, or Europe, Rachel Fraser,
+44-0-171-337-6010, or rachel_fraser@infinity.com, both of
Infinity
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
115467
|
