The new application enhances trading efficiency by automating the trading process of highly complex deals and providing management tools that reduce operational risk.

The bank said it can now process higher volumes of complex structured trades and improve risk management which ensures domestic and international regulations are met.

"In recent years, ICBC has been at the forefront of the growth in the domestic banking market. We anticipate gaining an edge on our competitors using Misys Summit FT straight-through processing to streamline operations of financial derivatives market, reduce costs and rationalise our systems," said Lin Xiao Xuan, general manager, information and technology department, ICBC.

ICBC partnered with Misys' services team used sophisticated modelling to test-drive trades and explore risk and exposure. As a result, the bank has successfully streamlined multiple processes across its front, middle and back offices including in deal entry, risk management and settlement, helping the bank to improve margins.

Phase one of the implementation saw the bank go-live on Misys Summit FT's Fixed Income Back Office modules within weeks of ICBC's listing in October, 2006. Following this, a second phase was completed by the bank to take delivery of a front-to-back derivatives system which went live in May. Finally, ICBC has successfully implemented foreign exchange and money market back-office system with Misys Summit FT.