New York, NY, October 31, 2001 Œ Summit's newest version of its market-leading transaction processing platform provides a host of new business and technology benefits.
With rollout in 4Q 2001, Version 3.2 builds upon architectural improvements made in Version 3.1 to deliver major advances in product support, trading functionality, risk management, and connectivity.
The new release represents another major milestone in the compan's long-term strategic goal of providing seamless, front-to-back transaction processing support for customers with fixed income,treasury, derivatives, and commercial lending businesses.
Major business functionality improvements in Version 3.2 include:
*New Product Support Œ introduction of equity options and front-to-back support for Credit Spread Options and Callable Repos
*Enhanced FX Trading Œ Summit™s FX Trader Workstation adds fully integrated support for FX Forward Time Options, which includes real-time FX position management and full integration into Summit Risk Analytics and Accounting Engines
*Commercial Lending Œ expanded to allow credit agreements to be captured and managed from multiple perspectives
*Capture of Trade Conversations Œ trade conversations associated with incoming trades from Reuters Dealing 2000/3000 are now captured within Summit
*Refined FAS 133 Features Œ ease-of-use improvements were made to Summit™s suite of FAS 133 compliance and testing tools
*Real-time Incremental Hedging Œ the Phase I release of Summit™s RT Hedge Server performs start-up hedge calculations on sets of user-defined trade portfolios, then maintains real-time hedge position data by incrementally recalculating the overall hedge results whenever portfolios are modified. A real-time position viewer application allows any or all users see hedge positions evolve over time.
On the technology front, Version 3.2 introduces:
*New IBM® WebSphere® MQ Series Adapter Œ a new real-time data adapter provides Summit clients with a versatile, generic method of importing trades from external trading platforms that publish trade data to a WebSphere MQ system queue Summit Systems, Inc. is a recognized worldwide leader in providing front-to-back transaction processing support for fixed income, treasury, derivatives and commercial lending businesses.It provides integrated trading, operations and risk management software to banks, financial institutions, and capital markets participants worldwide. Summit, with headquarters in New York and full-service offices in Paris, London, Frankfurt, Tokyo, Hong Kong and Sydney, is a wholly owned subsidiary of Misys plc, the world leader in banking software solutions.