Summit Systems, Misys Banking Systems’ treasury and capital markets focused business, today announced that BB&T Corporation, the 10th largest financial holding company in the US, has selected Summit to provide an integrated front through back office software solution. BB&T will install the Summit system at its North Carolina headquarters, providing complete front-to-back support for a wide range of derivative instruments including swaps, caps & floors, swaptions, and exchanged traded futures and options.
In addition to supporting BB&T’s derivatives activities, Summit will enable the bank to capture and price funding products such as CDs, Fed Funds and FHLB Advances. Traders and other users in the front office will gain the benefits of trade structuring, pricing and hedging tools, and a sophisticated suite of portfolio analytics, including stress testing and VaR analysis. In the back office, Summit’s rules-based STP environment will enable BB&T to automate trade and document workflow and streamline operations, while generating all accounting entries for posting to the bank’s general ledger.
Hal Johnson, Executive Vice President of Funds Management, says, "Our goal was to find a system which could deliver comprehensive functionality to manage the derivatives for our balance sheet hedging, as well as our growing customer business in derivatives. After extensive discussions with several vendors, we determined that Summit could best meet our needs. We are impressed with the depth of Summit’s software offering, as well as the expertise and professionalism of their employees."
Joe Bruno, Summit’s Executive Director of Sales for the Americas comments, "We were very pleased to be chosen by BB&T to support their derivatives business. Summit continues to be recognised as a leader in the marketplace for capital markets software solutions. We look forward to working with the bank towards a successful implementation, and are committed to a long and mutually prosperous business relationship."