"We found many bugs in InfoMatch2, and Screen Consultants were not helpful in identifying them or resolving our problems," says Karen Marquadt, a member of HSH's market data team. "We were impressed with BST's offering, and they have implemented the new system very quickly. Also, it is cheaper and more flexible."

Peter Fruitema, founding partner and director of Screen Consultants, declines to respond to Marquadt's comments but says HSH was one of the first users of InfoMatch2.

BST has been helping HSH set up the software since January, and the bank went live with the system in Kiel this month. It plans to integrate data from the rest of its offices, which include Shanghai, Hanoi, Singapore, Hong Kong, New York, London, Warsaw and Copenhagen. Marquadt declines to provide a timetable for this.

But she says the bank will use BST's FinMarketData module across all aspects of its market data operation, including the management of its international market data inventory, vendors, users, costs and contracts.

The roll-out includes interfaces with SAP, an automated book-keeping system; Telerate's TRS platform; and Bloomberg SID.

The bank has also signed up for FinContract, one of BST's latest additions to FinOffice (IMD, March 15, 2004). FinContract provides customers with the ability to track supplier contracts, including managing licenses, sub-licenses, master agreements, standard and tiered pricing and rollovers.

Coming Together

HSH Nordbank was created after the merger between Hamburgische Landesbank and Landesbank Schleswig-Holstein in 2003. Its core business segments include ship and real estate finance, corporate banking, credit investments and funding.

This is not the first time that a bank has switched from InfoMatch to FinOffice. Belgium-based Fortis Bank moved to FinOffice last year (IMD, Oct.18, 2004). Carlos del Marmol, global co-ordinator of Fortis' market data competence center, confirms that Fortis was also using InfoMatch2 and now says, "FinOffice was more fitting for our needs."

by Andrew Tjaardstra