London, 6 February 2006 – Misys Banking Systems has today announced that Bank of Communications has implemented Misys Summit FT, its .NET treasury and capital markets solution, as part of a strategic focus on exotic and structured products. Misys Banking Systems has seen substantial growth in the treasury and capital markets sector in China mainly driven by deregulation and the birth of the derivatives market. Bank of Communications is one of the key banks that is looking to adopt the latest technologies to capitalise on these market growth opportunities.
Bank of Communications, based in Hong Kong, selected Misys Summit FT after extensive research and product demonstrations. Since implementation, Misys Summit FT has enabled Bank of Communications to enter new markets more rapidly and streamline a number of services including pricing, market to market, deal capture and risk management such as Value at Risk calculations.
A bank representative said, “The ability to handle new complex trades in the marketplace was central to our decision to select Misys Summit FT. I am pleased to say that we have recently gone-live and are using the fully integrated Front Office and Middle Office elements of Summit FT to support our trading books in FX options, interest rate derivatives, fixed-income derivatives and multiple underlying structured trades.”
The bank evaluated its purchase by attending demonstrations and hands-on workshops, which proved Misys Summit FT’s value and capabilities. Alan Railton, General Manager, Treasury & Capital Markets, Misys Banking Systems, commented, “The selection process included intensive demonstration sessions of the core solution and also Misys Summit MUST. With some sample complex trades we were able to show the bank the benefits of being able to build and process structured trades without the need for spreadsheets or IT programming. With Misys Summit MUST, Bank of Communications is able to bring structured and exotic trades quickly to market, maximise margins and keep costs to a minimum. Front-Office traders and Middle-Office risk managers are the principal users, and by integrating the two environments on one solution, Bank of Communications is well positioned to drive its trading business forwards.”