The bank's new STP Operations software will make full use of Summit's real-time, event-driven trade processing capabilities.
"Summit's STP products," says Cesare Tagliabue, UBM's program manager responsible for Summit business support, "will automatically handle data flows from external systems, rate resets, documentation generation and transmission, payment netting calculations, miscellaneous data entry tasks the list goes on and on. It will also give our traders and risk managers additional sophisticated analysis toolsâlike the new real-time hedge engineâto make informed business decisions."
The UBM program manager charged with Summit technical support within the bank, William Di Francesco, commented on UBM's use of the new e-Toolkit module, which, among other capabilities, will extend powerful Summit-based functionality to external applications like Excel spreadsheets and Web browsers. "We will implement a two-part rollout of new services based on e-Toolkit. The initial phase will consist of exposing Summit calculation functionality and database information to the spreadsheets and report applications used by our traders in the dealing room. This means the ad hoc analysis all traders like to perform will be based on validated algorithms and data. In the second phase, we will use e-Toolkit to enable thin-client system access for our several front office departments."
Raphael Bensimhon, Sales Manager at Summit's Paris office, also commented on the new sale. "Clearly, the ever-increasing scope of implementation at UBM is a very good endorsement of the competitive advantages Summit has to offer." UBM first acquired Summit in 1998 for front-to-back support for IR derivatives, futures, bond options, exotics, and structured instruments. FX options were added in 1999, followed by back-office support for equities in May of this year.
"With each successful addition to their Summit suite, UBM's confidence in our ability to handle their business needs grows stronger. We at Summit are committed to helping them gain even more process automation and efficiencies in the future."