Misys Launches Flexible, Fully Automated Solution to Simplify Central Clearing
Componentised approach allows customers to respond quickly to changing regulatory requirements with minimal risk and disruption.
Misys plc (FTSE: MSY.L), the global application software and services company, today announced the availability of a new solution to address central clearing requirements. The enhancements made to Misys Summit FT enable financial institutions to comply with new regulations and market practices quickly, with minimal risk and disruption.
In response to market demands, the solution from Misys provides financial institutions with advanced straight-through-processing (STP), a comprehensive trade repository and cross-asset collateral and margin management for both OTC and exchange traded derivatives. These enhancements ensure that customers can manage the complexity associated with multi-participant workflow effectively, and meet requirements for margin and collateral management in a single, comprehensive system. By offering these enhancements as extensions of the existing Summit FT solution, customers can meet current and future requirements for increased transparency and improved risk management quickly and easily.
The enhancements were developed in partnership with Misys’ customers and have already been deployed at a number of customer sites. Connectivity to multiple CCPs and other derivative trade management tools are provided in partnership with MarkitSERV. The initiative is part of Misys’ ongoing commitment to helping firms meet the need for a comprehensive central clearing solution.
“The evolving regulatory environment makes it difficult for financial firms to ensure they have the right systems in place in order to stay compliant,” says Veronique Malbos, Solution Manager, Misys Summit. “Our componentised approach, along with the new Summit FT enhancements, makes it easier for clients to respond quickly to clearing regulatory requirements, increase transparency and enhance STP capabilities, while minimising risk.”
Using Summit FT’s new straight-through processing functionality, customers can electronically capture, consolidate and automate data related to central clearing counterparties, registration, fees and commissions, and valuations. Through a partnership with MarkitSERV, a multi-asset class middleware platform for the management of OTC derivatives transactions, Misys customers have single-point connectivity to all counterparties - dealers, CCPs, swap execution facilities (SEFs), and swap data repositories - required in a centrally cleared model.. MarkitSERV also provides tools to manage trade confirmation, allocation and novation for non-cleared trades. This allows Summit FT customers to dramatically simplify the post-trade process through access to a single, integrated system with uniform workflow to manage all derivatives transactions. ,
Summit FT has also been extended to include real-time margin call management for futures and listed options. This functionality is fully integrated with Summit FT’s proven collateral management module and will be further enhanced to handle margin calls for cleared derivatives.
Additionally, Summit FT users now have access to a comprehensive trade repository, which provides a consistent view of transactions across all asset classes throughout the full trade lifecycle. This allows dealers to have real-time access to the information they need in order to manage their business effectively and efficiently.