The Misys Summit Interest-Rate Derivatives module combines unparalleled breadth and depth of functionality with powerful user extendibility tools for an extensive range of derivative products. Our pedigree in the derivatives market brings you best of breed features that can be applied to all trades from the simplest vanilla to the most complex structured trades.

Instrument coverage

• Interest-rate swaps – fixed-floating, basis, compounding/averaging, zero coupon, CMS/CMT, inverse and range floaters, index amortisers, dual index swaps and many other variations
• Cross currency swaps
• Range accrual notes
• Swaptions – European, American, and Bermudan
• Caps and floors – vanilla, averaging, digital, periodic, ratchet
• Captions and floortions / floptions
• FRAs
• Listed interest-rate futures and options
• Exotic – multi-legged asset

Structured products

Misys MUST makes structuring and processing exotic trades as easy as handling the most vanilla of deals, with the same workflow, documentation and risk routines. It easily manages complex structured deals with multiple cross-asset underlyings including power reverse dual currency (PRDC) swaps, multi-callable dual currency range accrual swaps and multi-currency equity best-of performance linked notes. It also handles more conventional exotics such as TARNs and ratchet caps. Even complex new structures, with hereto unseen features, can be fully integrated into the system without the need for any custom programming.

Key features

• User definable quick trade entry for high volume environments
• Market data – Misys Summit captures and controls a complete range of market data in real-time, e.g. prices, rates, volatility and correlation data
• Real time blotters – manage new and existing trades within a highly user-friendly and customisable environment.
• Captures and controls market data in real-time – full range of prices, rates, volatility and correlation data
• Pricing grids for a wide variety of product types (swaps, FRAs, caps/floors, swaptions, asset swaps) offering real-time indicative pricing across a range of different trade maturities, strike levels, etc.
• Misys Summit APIs enable users to plug and play custom analytics and pricing models
• Generates yield curves and volatility surfaces from a wide variety of available algorithms
• Risk management – Misys Summit includes comprehensive risk functionality for desk level risk and enterprise level risk including: greeks, VaR, Monte Carlo VaR etc. It also provides Real-time Credit Risk with Limit Controls and user-defined exposure methods
• Real-time P&L decomposition gives the ability to slice and dice the P&L down to detailed trade level
• Microsoft Excel integration – Misys Summit applications can be called from Excel and Excel from Misys Summit
• Full accounting including FAS133 and IAS39 support

Automatic post-trade STP

All post-trade operations including confirmations, payments and reporting can be performed automatically following definable business rules. With most transactions requiring no intervention, action is only required to the trades that produce exceptions.