1. experience
solutions
results
Misys Capital Markets Solutions
Leading Technology and Innovation for
Buy- and Sell-Side Financial Services
2. Misys leads the market across all capital
markets segments, with nineteen of the top 20
global markets firms as customers
Contents
Misys Overview 03
Solutions for Lending 05
Solutions for Cross-Asset Trading 06
Solutions for Risk Management 09
Solutions for Central Counterparty Clearing 10
Solutions for the Buy-Side 11
Solutions for Treasury 13
Solutions for Post-Trade Processing 14
Solutions for Collateral Management 15
Professional Services – Leading the
Way in Customer Service 16
Partners 18
02
3. Misys Overview: Meeting the Needs of a Changing Financial Marketplace
The financial services market is changing rapidly. Both buy- and sell-side
financial institutions need to stay abreast of regulatory requirements, respond
to changing customer needs, manage risk, and grow their businesses.
Subject to a higher level of scrutiny than ever before, they also need to ensure
transparency across all areas of their businesses. More and more, financial
technology is playing a critical role in ensuring that firms have the tools they
need to benefit from lower capital requirements, higher credit ratings, increased
operational efficiency, and an improved competitive position.
Misys is a market leader in the capital capital markets and buy-side market. global development centres to provide
markets, committed to providing innovation Our customers use our solutions to centres of excellence for research and
in financial services technology. We enable more effective and efficient development, and we have established
provide a broad range of solutions – from trading performance and processing, 24/7 customer support. Further, we have
cross-asset, front-to-back portfolio and improved monitoring and reporting, and built a global network that connects us
risk management systems, to commercial increased risk management across all to more than 100 partners that provide
loan trading and processing systems, to asset classes. us with the scalability and expertise to
post-trade confirmation matching solutions expand our coverage, extend our scope,
– that help all types of financial institutions Misys serves customers in 120 countries and forge deeper customer relationships.
run their businesses more efficiently and in around the globe, and has over 4,000
a cost-effective manner. staff members, including 1,800 capital Our global footprint, expansive partner
markets experts, who are located in over network, and diverse pools of talent ensure
Our solutions help our customers 35 offices worldwide. In keeping with we provide the best software, services,
to comply with industry regulations, our commitment to leading technology and support to our customers, regardless
meet the changing requirements of and innovation, we have created six of their location.
their customers, attain competitive
advantage, and grow their businesses
through expansion into new sectors and Post-Trade Collateral
geographical areas. Processing Management
With the acquisition of Sophis, Misys is
now the leading software provider for Misys’ Suite of Solutions Cross-Asset
Lending
capital markets, with the broadest asset for the Capital Markets Trading
Improving the
class coverage and the largest installed
customer base in the industry.
Customer
Experience
For more than 20 years, the capital Buy-Side Treasury
markets division of Misys has served over
500 customers globally, including 19 of
Central Risk
the top 20 capital markets firms in the Counterparty Management
world. Misys’ capital markets solutions Clearing
cover all segments of the treasury and
03
4.
5. Solutions for Lending
With the need to improve return on Loan IQ enables institutions to effectively Misys Portal for Loan IQ is a web-
investment, better manage and control manage from a single platform, their based front-end application that
risk across entire organisations, and company-wide lending business – facilitates borrower self-service by
adopt a heightened focus on regulatory from simple bilateral loans to complex enabling borrowers to easily view and
compliance, today’s lending environment syndicated loans. Seamless coverage manage all of their Loan IQ activities
is characterised by growing and ever- is provided at every stage of the loan’s online. Borrowers are able to perform
changing demands. life cycle. All Loan IQ modules are key, real-time Loan IQ transactions,
fully integrated and share the same such as initiating new drawdowns,
Satisfying these demands requires database, resulting in a unique straight- increasing loan amounts, and managing
solutions that help manage risk, improve through-processing solution. Over repayments. The solution enhances the
operational efficiency, provide required 50% of all global loan trades and 33% customer experience, while reducing
transparency, and achieve growth under of all syndicated loans worldwide are risk exposure by providing a real-time
market conditions that have become processed in the solution. view of transactions. A built-in interface
very challenging. to Loan IQ maximises straight-through-
Misys Origination provides support processing and operational efficiencies.
Misys’ syndicated and commercial for all key activities in loan origination
lending solutions benefit clients by from prospecting and sales, through
providing more accurate and readily credit analysis and decision making,
available data, streamlined workflows, to covenant monitoring. Credit terms,
increased loan processing efficiencies, borrowing conditions, and deal-related
and reduced operational risks and costs. documentation are hosted on a single
global platform. This results in critical deal
information being more easily accounted
for and accessible to all authorised users
within organisations.
Over 50% of global loan trades and 33%
of all syndicated loans worldwide are
processed through
Loan IQ
05
6. Solutions for Cross-Asset Trading
Cross-asset trading – bringing fixed – everything from simple to complex Summit FT is Misys’ flagship solution
income, equities, foreign exchange structuring needs, valuation, collateral for global investment banks. It offers
(FX), commodities, futures and options, management, end-to-end processing, broad cross-asset coverage including
along with other derivatives and and risk controls – to produce a single, exchange-traded and OTC derivatives,
complex structured products together transparent view. fixed income, commodities, FX,
on one platform – has seen significant equity, and structured products. The
growth over recent years. No longer Today’s cross-asset users – global solution processes the most complex
can financial institutions treat these investment banks, regional banks, and of instruments while managing both
asset classes as distinct and separate buy-side firms – need an integrated market and credit risk. It provides the
businesses. solution that handles these complex necessary oversight required to help
demands; streamlining operations, clients successfully navigate today’s
The changing competitive landscape is providing a global and transparent view of volatile market environment. It also
now forcing banks and other financial all trading activity, and reducing market, enables rapid connectivity to central
services providers to view their trading credit, and operational risk. clearing counterparties (CCPs) and offers
operations as a single, integrated comprehensive collateral management
global business. And this new business Misys is the market leader in providing and margining. Summit FT delivers
model highlights the need for integrated cross-asset trading solutions, and has lower costs through its unique single
solutions that handle the end-to-end comprehensive coverage, including both solution approach – increasing operating
process including valuation, collateral plain vanilla and highly complex cross- efficiency without compromise.
management, and risk management. asset products. Our solutions are used
by 19 of the top 20 global capital market Opics Plus is a .NET service-oriented,
The continued rise of regulatory firms to handle their global processing, treasury and capital markets solution with
demands – Dodd-Frank and its global including central counterparty clearing rich STP and back-office functionality. It is
equivalents – is also creating unique (CCP), collateral management, and a comprehensive solution for front-to-back
challenges in terms of how these margining. Misys’ solutions are designed office, cross-asset processing of a wide
instruments are valued and processed to meet the needs of global investment range of financial instruments, including
in a controlled environment. The use banks, regional banks, hedge funds, and everything from vanilla to complex
of spreadsheets to track and value asset managers. derivatives, as well as fixed income,
the myriad products available to the and equity and treasury trades. Opics
market is no longer acceptable. Today’s Plus provides a consolidated view of all
financial institutions need to be able to financial instruments across the various
integrate all aspects of these products business units within a financial institution.
More than 20years of expertise with
complex derivatives including exchange-
traded, OTC and structured products
06
7. Sophis RISQUE is a cross-asset trading,
portfolio and risk management solution that
enables investment banks to implement
true straight-through-processing across
the full trade life cycle. The solution
efficiently manages the entire life cycle
of structured product trades while
providing precise valuation and hedge
information. Structured products can be
created on the fly, payoffs can be easily
defined, and newly devised products can
be booked quickly and efficiently. The
combination of wide instrument coverage,
high performance, open and flexible
architecture, and user-friendliness makes
Sophis RISQUE a unique global system
that is used by more than a third of the
world’s top 25 banks.
Sophis VALUE is a fully integrated,
modular cross-asset solution for
investment management. It leverages
straight-through-processing to handle the
complete trading life cycle from portfolio
management, to middle- and back-
office operations, to risk management
and compliance. More than 80 buy-side
institutions worldwide, ranging from start-
up hedge funds to some of the largest
global asset management companies,
have adopted Sophis VALUE.
7
8. Risk solutions need to improve operational efficiency,
reduce costs, improve time-to-market for new business,
enhance decision-making and provide transparency
8
9. Solutions for Risk Management
The continued turmoil in financial Misys Risk is an enterprise risk system across multiple systems, incorporating
markets since the onset of the financial that allows financial institutions to both the trading and banking books. Risk
crisis, combined with the resulting proactively manage their cross-asset Vision delivers real-time trade approval to
regulatory changes, has changed market risk. The solution leverages maximise market opportunity, responding
the landscape for risk management. valuations in front-office platforms to to pre-deal checks in 0.100 seconds and
To enhance risk controls, maintain provide risk managers with the ability enabling accurate real-time analysis of
competitiveness, and preserve capital, to centrally run consistent scenario exposure across multiple scenarios.
while controlling costs, financial institutions generation across all assets in the traded
need to increase the effectiveness of their portfolio. It also gives users the ability to Almonde provides a risk and compliance
risk management processes. calculate Historical VaR and Monte Carlo platform for liquidity management,
VaR, including hedging analyses (parallel, thereby addressing one of the growing
Driven by increasingly complex regulatory perturbation, and curve hedging). Misys challenges faced by banks and other
requirements, financial services firms Risk customers benefit from an efficient financial institutions. It integrates
require integrated, easy-to-implement risk framework, where pricing duplication modules for Basel II / III, Asset Liability
enterprise risk solutions.These solutions is avoided, limits and alerts are centrally Management (ALM), Funds Transfer
need to improve operational efficiency by managed, and the risk of doing new Pricing (FTP), and IAS functions, in
aggregating risk across all assets, as well business is immediately measured – all accordance with the various accounting
as reduce costs, improve time-to-market helping to build bridges between trading standards. The solution provides an
for new business, enhance decision- and risk management. interface to data held in disparate source
making, and provide greater transparency systems being used by the financial
for shareholders and regulators alike. Risk Vision is an enterprise-wide risk institution, and uses this data to compute
management system used by banks various enterprise-wide risk measures
Misys has leveraged its deep expertise in to manage their credit risk and limits in and present results through its advanced
developing portfolio management, trading, an integrated way with a single view of multi-dimensional report viewing tools.
and enterprise risk systems to develop all risk exposures across all business
risk solutions that meet the needs of large areas. Risk Vision is central to a bank’s
global investment banks, smaller regional risk management function as it provides
banks, and buy-side firms. a consolidated view of risk exposures
09
10. Solutions for Central Counterparty Clearing
Market events and financial volatility Since 2009, Misys representatives Summit FT has been enhanced to provide
have led regulators to call for more have been working with customers advanced STP, a comprehensive trade
transparency, enhanced straight-through- to help them address regulatory repository, and cross-asset collateral
processing (STP), better risk mitigation, demands for improved transparency and margin management for both OTC
and improvements to capital and margin and enhanced risk management and exchange-traded derivatives.
management. As a result, over the in a centrally cleared environment. These enhancements ensure that firms
coming years the OTC derivatives market Adopting a componentised approach can effectively manage the complexity
could face some of the most significant to development, Misys has enhanced associated with multi-participant workflow,
changes in its history. the Summit FT solution to include new and meet regulatory requirements for
functionality that will ensure customers margin and collateral management in a
With the recent enactment of Dodd-Frank can respond quickly and efficiently to single, comprehensive system.
legislation and its global equivalents, central clearing requirements as they
transparency (price and volume arise, with minimal disruption and risk. Offered as extensions of the existing
information, trade repositories), risk Summit FT solution, a package of
mitigation (central clearing, capital and Already deployed at a number of standalone components enables users to
margining constraints), and enhanced customer sites, the solution is testimony adopt independent components, adding
STP (best practice, electronic formats, to the on-going commitment of Misys to new functionality as and when they need
connectivity), are receiving renewed provide a comprehensive counterparty it. This approach allows for an immediate
emphasis by bankers and regulators alike. clearing solution to the market. response to changing regulatory
requirements along with the advantage of
causing minimal disruption, risk, or cost.
10
11. Solutions for the Buy-Side
Following a period of intense financial through-processing (STP) to facilitate Sophis VALUE is a comprehensive,
turmoil, asset managers and hedge the automation of cumbersome manual modular cross-asset portfolio and risk
fund managers need to balance processes, reducing the scope for management solution that handles the
innovative strategies with the constant trading errors, saving time, and lowering complete trading life cycle: investment
requirement to reduce costs. The need operational costs. management, risk management,
to react quickly to market demands and operations, and investment accounting.
the emphasis on the ability to rapidly An optimal solution would also be open, It combines sell-side level financial and
develop and deploy new cross-asset scalable, and secure, while providing technological capabilities with the user-
products that meet client needs continue integrated, flexible, and user-friendly friendliness, connectivity, transparency,
to drive competitive advantage. tools that can benefit all users at an and ease of implementation that is
investment company: portfolio and fund required by the buy-side.
Investment managers also need to adapt managers, risk controllers, operations
to more stringent risk requirements and managers, and IT personnel. In addition, iSophis is a Software as a Service (SaaS)
trade monitoring, not just because of the system must be capable of satisfying solution that delivers integrated cross-
regulations, such as MiFID and UCITS, the need to comply with ever-changing asset portfolio and risk management
but also because of increasing pressure regulatory requirements and providing services. It is primarily targeted at hedge
from investors, who are understandably the transparency currently demanded fund managers who want to benefit from
much more cautious and selective about by investors. cutting-edge analytics for P&L, risk,
how their money is invested. and performance management in a
Misys’ recent acquisition of Sophis secure, powerful and straightforward,
Asset managers and hedge fund enables the firm to deliver market-leading hosted environment.
managers therefore need solutions that solutions for investment management
are capable of valuing, processing, firms. More than 80 institutions worldwide,
and managing all types of asset ranging from start-up hedge funds
classes, including both listed and to some of the largest global asset
OTC instruments. In addition, there management companies, have adopted
is a growing requirement for straight- Sophis buy-side systems.
Misys’ recent
acquisition of Sophis
enables us to deliver
market-leading
solutions for investment
management firms
11
13. Solutions for Treasury
As the face of finance continues to evolve, Opics Plus is an out-of-the-box, automated broad cross-asset coverage includes FX
so does the role of the treasurer. Formerly, front-to back-office treasury management and money markets, exchange-traded
treasurers were primarily responsible for solution designed for both corporate and and OTC derivatives, fixed income,
funding, along with managing cash, and financial services treasury operations. commodities, equities and structured
liquidity. Today, corporate and financial The solution provides cross-asset products. The solution processes the most
services treasurers are also becoming processing of a wide range of financial complex of instruments while managing
involved in high-level strategic initiatives: instruments, including vanilla and complex both market and credit risk, providing
everything from contributing to corporate derivatives, fixed income, equity, and the necessary oversight required to
financial management decisions, treasury transaction types. It is specifically successfully navigate today’s volatile
through instituting risk management and designed to enable organisations to move market environment. It also provides rapid
compliance measures, to overseeing into the treasury management market, connectivity to CCPs along with offering
enterprise-wide treasury operations. via a rapid, low-risk approach and with comprehensive collateral management
the flexibility to grow in both instrument and margining. Summit FT delivers lower
Treasurers need real-time visibility of coverage and as business needs change. costs through its unique single solution
their cash positions across their entire approach – increasing operating efficiency
institutions. They also need flexible Misys Portal for Opics Plus is a web- without compromise.
management tools in order to control based customer facing solution which
financial strategies and maintain is designed to address the e-banking Confirmation Matching Service (CMS)
corporate-wide policies. Furthermore, needs of a bank’s corporate customers. facilitates the confirmation process
these requirements need to be delivered Delivered via a modern e-banking between SWIFT and non-SWIFT
on a single platform in order to decrease application integrated with Opics Plus, counterparties across all treasury and
costs and increase automation, whilst the solution is designed to reduce capital markets instruments and the
maintaining the appropriate risk controls. total cost of ownership while improving broadest spectrum of counterparties. The
usability and overall customer service. solution automatically tracks and responds
In response to these evolving needs, Misys Portal for Opics Plus provides to changing SWIFT standards and is
Misys offers integrated solutions spanning all of the benefits of the existing Opics compatible with a broad range of back-
a variety of functions across organisations Plus customer trading functionality as office systems. The seamless automation
and giving both corporate and financial well as advanced provisioning of a web- of the solution mitigates risk, and improves
services treasurers the ability to manage based user-interface, security and user efficiency by reducing confirmation
cash, liquidity, capital, and corporate management capabilities. errors, enabling faster processing and
financial risk. enhanced compliance functionality. Over
Summit FT is Misys’ flagship solution for 980 customers use Confirmation Matching
global investment banks supporting high Service today, to improve efficiency and
volume treasury trading operations. The reduce risk.
Over
1,000 customers use Misys’
treasur y solutions
13
14. In post-trade processing,
competitive advantage is won through
effective solutions
Solutions for Post-Trade Processing
Given the recent financial turmoil and the The post-trade processing environment Misys Confirmation Matching
new legislation that has followed – Dodd- has become an area in which competitive Service (CMS) fully automates the
Frank and its global equivalents – the advantages are won (and lost), through trade confirmation process for over
importance of post-trade processes has effective solutions. Those who continue 980 customers including banks, fund
intensified significantly over the past to invest in these services will clearly win managers, and corporates globally. The
few years. These two key factors have out over those who do not. And this trend seamless automation of the solution
illustrated that the absence of adequate will most likely accelerate as volumes mitigates risk and improves efficiency
post-trade processing solutions increases continue to increase, and as regulatory by means of reduced confirmation
operational risk and ultimately reduces and compliance standards become errors, faster processing, and enhanced
long-term growth prospects. more demanding. compliance. Delivered as Software as a
Service (SaaS), Misys CMS is the industry
For sell- and buy-side managers, effective Misys offers a world-class post-trade leader in post-trade services, allowing
matching and confirmation processes processing solution that helps both sell- clients to automatically match transactions
are an important subset of this overall and buy-side clients to better manage from both SWIFT and non-SWIFT partners
post-trade trend, and will continue to gain operational risk, reduce costs, and help in one streamlined solution. The financial
significance over time. Additionally, as contribute to their post-trade competitive details of FX, money market, options, OTC
trade volumes continue to grow, the real- advantage. derivatives, and metals instrument trades
time matching and confirmation services are confirmed in a secure environment.
that can keep up with these volume flows
become more and more important.
14
15. Solutions for Collateral Management
Recent market events and the enactment The solutions for collateral management Sophis VALUE is a comprehensive buy-
of Dodd-Frank and other global offered by Misys include: side solution that manages collateral
regulations have elevated collateral risk for OTC products across all asset
management to the top of the agenda. Summit FT is a proven collateral and classes. The solution provides real-time
Calls for greater transparency and better margin management solution used management of all collateral positions
risk mitigation, along with the introduction today by major banks and other financial including margin calls, and it allows users
of CCPs have also led to new margin institutions. The collateral management to better manage their overall credit
management requirements. and margining module enables the risk and exposure. Transactions can
monitoring, measuring, and management be automatically generated to readjust
Banks and investment managers need of counterparty exposure in real-time. Fully exposures and customisable margin
to make fast decisions on whether to integrated within Summit’s STP workflow, it call tickets are fully integrated into the
trade and on what level of collateral delivers the full benefits of its cross-asset transaction workflow. Additionally, users
is required. With the value of assets strength, helping clients manage, control, can easily generate and send various
changing quickly, it has become and minimise risk. The module has been notices and documents to counterparties,
imperative to assess the level of the extended to include real-time margin call including call and collateral substitution
collateral required and track valuations management for futures and listed options. notices, settlement and payment
on a real-time basis – organisations can Users now benefit from comprehensive instructions, along with other third-party
no longer perform this on a weekly or collateral and margin management of reports required by various regulations.
monthly basis. Additionally, organisations both complex OTC and exchange-traded
are migrating to an enterprise view of derivatives for bi-lateral trades as well as
collateral in order to meet increased cleared trades in one solution.
demands for liquidity and to satisfy ever-
increasing regulatory requirements.
15
16. Professional Services – Leading the Way in Customer Service
Operating as a high performance team is Partner relationships complement services and maintenance. These services are
a strategic imperative for the success of and support offerings across all Misys provided through the Misys network of
our professional services business. We solutions. We engage with both global and international branches, ensuring direct
believe that our value lies in our ability to local partners to help us deliver the best access to specialist expertise and
unlock the full potential of our software solution and the best level of service to our knowledge of local products, including
efficiently and effectively, so that our customers in their local language, and in a the specific implementation requirements
clients can benefit from their investment way that is appropriate to the region. of all regional markets.
in Misys solutions and expand the use of
these within their particular organisations. Whatever the scope of the project, our
To deliver the levels of performance that professional services team and our
clients demand, our service strategy is partners remain committed to ensuring
centred around three key components: client success. To help with this, Misys
provides its customers with a powerful
• Creating exceptional value support network, including direct access
for our customers to Misys’ support.
• Ensuring operational excellence
• Developing unique skills and The business and product consultants
knowledge in our people on the Misys team bring a wealth of
local and international financial services
Ensuring absolute customer satisfaction knowledge to your business. Specialist
– both in the short- and long-term – is consultants – technical, product, and
a fundamental part of our business implementation – work collaboratively
philosophy. As such, our professional with customers at each stage of the
services team is an integral part of any relationship from pre-implementation,
Misys solution. through solutions consulting, all the way
to post-implementation training, support,
Ensuring absolute
customer satisfaction
is a fundamental
part of our business
philosophy
16
17. Services Support Training
The services team appoints a single point Misys is in a unique position to understand Misys training centres provide educational
of contact who will work closely with your the importance that banks and other facilities in various locations around
appointed project leader. This person is financial institutions place on improving the world. Our education services
responsible and accountable for project business resilience and lowering total cost are designed to ensure that clients
success. Every project leader bears a of ownership. derive maximum benefit and return-on-
significant responsibility and provides a investment from all Misys solutions through
safe pair of hands to guide the project Support is critical to customer satisfaction. comprehensive, structured, end-to-end
from planning and scoping through to With more than 30 years of experience in training programmes.
“going live”. the capital markets industry, Misys Support
delivers application support to more than Offering a distraction-free learning
Most Misys project managers are 500 financial institutions in 100 countries. environment and access to our capital
PMP-certified leaders. Misys has markets solutions, training is led by the
also introduced a PMP certification With dedicated support centres in London, Misys development and support staff. For
programme to ensure project managers New York, Manila, and Singapore to users who do not want to leave the office,
get the training and certification they provide round-the-clock support, and with we also provide training courses and
need. Throughout all projects, project our global staff of experienced product consultancy either at the clients’ premises,
risks are quantified, scoped, and specialists, we ensure the smooth running or via the internet.
managed through the application of of your day-to-day financial operations.
the Misys project methodology. Misys Academy also develops and
Misys also offers a suite of Premium delivers e-learning training materials as
Using this methodology, the Misys Support Services to help clients more a complement to a customer’s overall
professional services team ensures that effectively address the myriad of training program. E-learning resources
customers receive a quick and efficient challenges facing their businesses: the help to ensure full user adoption and to
implementation, and that the value of the mitigation of IT operational risk, a rapid accelerate the return-on-investment for
customer’s investment is realised as soon response to demands from changing the customer.
as possible. With hundreds of successful business conditions, and improving the
implementations behind us, we’re proud availability of Misys applications.
of our track record.
17
18. Partners
No one company can provide all the supplement our development skills
solutions to meet the diverse needs to accelerate time-to-market for new
of financial institutions in today’s solutions. Our third-party solution partners
marketplace. Partnerships are essential in provide complementary solutions to
helping Misys provide our customers with complete our solution offerings.
comprehensive, innovative and world-
class solutions that meet their changing At a global level we work with leading
requirements, in a more efficient and consulting, system integration and
cost-effective way. Together we create implementation partners whose industry
compelling solutions that enable knowledge, focus and presence enables
customers to differentiate themselves and us to better serve our customers. At a
help drive competitive advantage. local level we have developed in-territory
and in-country partners to ensure we
We have built a global partner network have the requisite domain, support,
of over 100 partners that provide us with language, and cultural expertise to
the scalability and expertise to expand ensure we deliver for the customer.
our coverage, extend our scale and
drive deeper customer relationships. We work as “one team” with our
Our partners span global, regional and partners to ensure we are fully aligned.
in-country partnerships across all our Our network of world-class partners
business lines and market segments. enables us to execute with more speed,
The depth and breadth of our network scope and scale. In turn, our partners
ensures better alignment to our provide Misys with greater reach into
customers’ demands for integrated, end- the marketplace and greater scale to
to-end solutions and provides the skills execute on customer requirements.
and services they require.
The depth and breadth of our network
Working with key technology and ensures better alignment to our
development partners, we ensure our customers’ demands for integrated, end-
solutions leverage the latest technology to-end solutions and guarantees that we
and knowledge to deliver optimal are equipped to provide the skills and
performance, provide cost-effective services they require.
propositions to our customers and
18
