Misys Summit efficiently handles the unique requirements of Guaranteed Investment Contracts (GICs) from trading through to risk management and operations.
Fund coverage
Misys Summit includes support for a wide variety of user-defined structured GIC transactions including:
- Construction Funds
- Housing Funds
- Debt Service Reserve Funds (DSR)
- Education Funds
- Acquisition Funds
- Leasing Funds
- Float Funds
- Recycle Funds
Specific GIC features include:
- Trading and deal capture - GIC-specific front end includes user defined GIC contracts that can be linked to multiple underlying GIC funds. Supported deal features include compounding, interest on draw, lock out periods, etc
- Draw management - ability to capture and store initial schedules for draws (including from Excel) and rule-based re-projections, including complex housing funds and interest reinvestment to multiple funds
- GIC valuation - full valuation including full optionality details
- Collateral management - ability to define eligible collateral and haircuts, view available collateral, integrated pledging, depledging and modifying existing collateral directly from the GIC screen
- Full risk management - through tight integration with hedges and assets, the system can isolate interest, spread, volatility and draw deviation risks, as well as attribute P&L to GIC-specific actions such as draws and deposits
- Accounting - complete accounting of GICs along with support for FAS91, FAS133 and IAS39
