Summit FT & Summit MUST to Enhance STP across Multiple Asset Classes
Summit Systems, Misys Banking Systems’ treasury and capital markets focused business, is pleased to announce its first signed contract for Summit FT in Taiwan with First Commercial Bank (FirstBank). The largest private bank in Taiwan will be implementing Summit FT to handle all trading, risk management and operational needs across asset classes. A key aim of the project was to choose a single system that would improve STP, streamline operations and improve risk management.
Summit partnered with Ares, its Taiwanese distributor, to win the deal. Competing with other major vendors over a period of one year, Summit was chosen because of its broad multi-asset class coverage that enables the Bank to handle all its trade processing in one system. The system will handle position keeping and exposure of trades including FX, money markets, fixed income, FX options, interest rate derivatives, bond options and listed derivatives. Summit is providing some customisation for processing local bonds with Ares assisting with expertise to tailor the solution to meet the needs of local accounting and central bank reporting. Summit will also interface with their existing general ledger and IBM mainframe.
“The ability of Summit to manage structured interest rate derivative products and exotic currency options was a key reason for our choice,” says Jeson Liu, Executive VP.
Financial Markets BU of First Commercial Bank. “This is a fast growing and profitable market and we want to be able to get new products quickly to market. Summit’s MUST tool will enable us to do that by helping to create the trades and then efficiently price and process these trades, without IT assistance, through to settlement. We expect the installation of Summit will enable us to achieve improved STP in a huge range of asset classes including our most exotic.”
The contract with First Commercial Bank was signed in March and Summit expect phase one of the project will go-live in Q4 2005. Alan Railton, Summit’s Sales Director in Asia comments, “This contract is great news for Summit as it is our first customer in Taiwan. I am pleased to say that we have a growing customer list throughout the Asia region including China, South Korea, Indonesia, Singapore, Hong Kong and Japan with some other deals yet to be announced. We believe that our success is due to our expertise in derivatives and structured products combined with excellent coverage of a wide range of asset classes, enabling banks to decide on one system to handle all their requirements.”
For further information please contact:-
Suzanne McLaughlin
Global Marketing Manager
Summit Systems International Ltd
18 King William Street
London
EC4N 7BP
United Kingdom
Tel: +44 (0) 20 7337 8558
Email: suzanne_mclaughlin@summithq.co.uk
Tracy Yang
Senior Manager
Public Relations Department
First Commercial Bank
6F, 30, Sec. 1,
Chung King S. Rd.,
Taipei 100,
Taiwan
Tel:+886223481206
Email: i93903@firstbank.com.tw
About First Commercial Bank
Established in 1899, First Commercial Bank is the most reputable bank in Taiwan in terms of history, strength, and service.
“Customer First, Service Foremost” is the bank’s motto. The Bank has made significant steps to improve its operations through the process of careful planning, implementation, and evaluation.
As a result, First Commercial Bank has seen a rapid increase in business which in turn has resulted in the significant contributions to the development of domestic economy.
As a profit-driven institution, our key goals are：
- Portfolio diversification
- Best market niche
- Sound risk control
To keep pace with economic development and market trends, the bank will continue to evolve its banking strategies. This action was taken to further improve the bank’s competitiveness, business diversification , and ability to market multiple and new products. Through share swaps, the First Financial Holding Co., Ltd. was founded on 2 January 2003
FFHC provides a complete range of premium products, such as banking, securities, SITE business, asset management, venture capital, leasing, futures, life and P & C insurance agency. Our services and products effectively meet the needs and expectations of our customers.
As of 31 December 2004, FFHC has a customer base of more than 5 million clients, and a total assets of NT$ 1.5 trillion.
About Summit
Summit Systems provides a proven, technologically advanced, multi-asset class solution for treasury and capital market participants. With headquarters in New York and operations in Paris, London, Frankfurt, Seoul, Singapore and Tokyo, Summit is a world-leader in banking software solutions. Summit is a scalable, open and extendible solution covering fixed income, treasury, derivatives and commercial lending. It provides sophisticated trader tools and risk management combined with rules-based workflow and real-time trade processing - helping financial institutions increase STP and reduce costs.
Founded in 1990, Summit is a wholly-owned subsidiary of Misys plc.
About Misys Banking Systems
Misys Banking Systems supplies over 1,200 customers in over 120 countries, among them 90% of the world's top 50 banks (Source: The Banker, July 2004), with software and solutions for retail banking, wholesale banking, treasury and capital markets and risk management. It has 2,600 people around the world, over 70% of whom are outside of the United Kingdom, and sales, implementation and customer support teams in over 28 countries.
Misys plc, the global software products and solutions company, serves customers in the international banking and securities, international healthcare, and UK general insurance industries. Through a wholly owned subsidiary, Sesame, it also provides business process outsourcing services to independent financial advisors (IFAs) in the UK. Misys partners with its customers to deliver outstanding IT solutions to essential industries, and employs more than 6,100 people internationally. For more information, visit www.misys.com.
