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Banca Akros Licenses Summit’s Transact ASP for Derivatives Support

Paris, September 7, 2001 – Banca Akros, the investment banking arm of Banca Popolare di Milano, is now in production with Summit’s Transact ASP service for its derivatives trading, market making and risk management activities in Milan.
Transact ASP (www.summittransact.com) is the Internet-enabled version of Summit Systems’integrated platform solutions for trading, risk management and back office activities spanning derivatives, FX, treasury, and commercial loan instruments. Transact ASP provides the capabilities and features of a traditional, on-site Summit installation, but with the added benefits of lower IT infrastructure and human resources expenditures. Users enjoy secure, round-the-clock service via modem or corporate Internet connections.

"Based on the evaluation of various trading systems, we agreed that Summit’s Transact ASP offers a complete solution that covers our needs perfectly," said Paolo Galli, Quantitative Analyst and Project Manager at Banca Akros. "The software provides the ability to capture and price a larger range of OTC interest-rate derivative instruments than other systems. Moreover, Summit is
much more open and flexible in terms of trading exotic and structured products."
Fabio Cardona, senior interest rate derivatives trader at Banca Akros, added, "Fast deal entry,automatic price derivation, user-friendliness, and general ergonomics are a few tactical advantages of using Summit."

Additional benefits of Summit’s Transact ASP include dedicated hardware and software, 24x7 monitoring and support, periodic upgrades, on-site user training, rapid implementation, business expertise, and a help desk. Summit has partnered leading commercial ISPs to host Transact ASP within the Europe and the U.S.

"Transact ASP is a great opportunity for us to avoid hardware and software investment, and to reduce staffing costs considerably. An annual rental software license is more suitable for our budgeting policy," explained Enzo Chiesa, Executive Director at Banca Akros. "Furthermore, Transact ASP met our requirements for a fast implementation and a secure environment. Summit
applications were up and running on our trading desk in less than 2 months."
Michael Ctorza, Sales Executive for southern Europe at Summit’s Paris office, commented: "We are glad to welcome Banca Akros as an ASP customer in Italy. We feel our ASP service is an excellent way for Summit to address the requirements of small- and medium-size banks."