The real-time bond trading environment captures both simple and very complex securities structures. Misys Summit templates allow you to quickly specify a bond using details such as maturity date, coupon, and options related to issuance such as market pricing, risk management, and trading details.
Instrument coverage
Bonds:
- Structured bonds: callable/puttable, dual and reverse dual currency, multi-currency, exotics, credit and equity-linked bonds
- Government bonds, corporate bonds, emerging markets and Eurobonds, inflation-linked securities
Repos:
- Standard, classic and reverse repos
- Open, multiple collateral, fixed or floating-rate, multi-currency, collateral only, and cash only
- Security lending and borrowing, buy/sell backs, sell/buy backs, triparty, central bank repos
Real-time positions viewers and blotters
The real-time position viewer gives your exact position and exposure including underlying positions, futures contracts, mark-to-market and profit and loss. The system provides automatic asset swap pricing and generation, trade drilldown, built-in calculators and customised reporting. Repos are shown alongside the underlying bond positions. The window contains all necessary repo trade details, including collateral, quantities, repo rates, start and end dates etc. The real-time position viewers and blotters are completely flexible and can be extended to suit specific requirements.
Following trade entry, rules-based workflow provides full control from initial issuance to settlement.
Key features
- User configurable quick trade entry screen speeds-up busy and high volume environments
- Full integration with derivatives trading functionality including seamless asset swap generation and integration with Swapswire
- Full control of issuance workflow: Initial, reopen, repurchase and call
- Automatic generation of documentation and syndicate management automation
- Pricing grid management and what-if analysis
- Flexible and extendible price/yield calculation methods
- Powerful valuation and analytics functionality including direct or indirect spread-based valuation methods for pricing
- Configurable bond trade archiving
- Interfaces in real-time to Bloomberg's Trading System for both trades and security terms and conditions
Repo specific features
- Pricing grid management and what-if analysis
- Pricing and management of repos across any period – full support for repos across coupon dates
- Automatic creation of all documentation , including physical and cash transfers
- Cash and collateral management related to the repo is handled automatically by Misys Summit with full support for haircuts and collateral substitution
- Margin reports include trade drilldown or counterparty summary format substitution, adjustment of existing collateral
- Interim interest: full or partial with option to force interim interest cash clean-up prior to repo maturity; full or partial; complete control of capitalisation features
