London - Summit Systems today announced that it has been selected to provide the software that will support Bank of Ireland’s business expansion into the rapidly growing credit derivatives market. Bank of Ireland Global Markets is responsible for global treasury operations within the Bank of Ireland Group and will install Summit at their HQ in Dublin. In addition to supporting its front office trading function, Summit will also handle all aspects of risk management and operations covering a wide range of instruments. This purchase builds upon the Bank’s existing Summit modules that include money markets, fixed income and interest rate derivatives.
"We reviewed a number of software solutions in addition to Summit," says Lorcan Connolly, Head of IT for Bank of Ireland Global Markets. "Although we had already installed Summit for other products within Global Markets, we wanted to make sure we were making the right decision to support our new business area. We completed a detailed evaluation process consisting of request for information, demonstrations, client site visits and on-site evaluation before finally selecting Summit. The addition of the Summit Credit Derivatives module ensures that we keep all our derivatives business on one platform thus helping us streamline our processes and procedures".
Sean Crowe, Head of Trading for Bank of Ireland Global Markets adds, "I was impressed by Summit’s product knowledge and the capability of its solution. It will provide us with flexible pricing, integrated risk management and back-office tools that will enable us to establish and grow our business in this competitive and profitable market."
"We are seeing quite a number of Banks planning to enter the growing credit derivatives market," says Xavier Bellouard, Managing Director of Summit Systems in London. "Although Summit has a pedigree in derivatives software, I believe that we have been successful with Bank of Ireland due to our capability to offer cross-asset integration combined with best of breed functionality. I am delighted that Bank of Ireland has chosen to invest further with Summit and to grow our business partnership."