CNCE, one of the largest French banks with a network of 31 savings and loan banking entities and 26 million customers, will count on Summit to help diffuse leading-edge financial products and services throughout its banking network and provide centralized position keeping and risk management capabilities.
Front-office personnel will use a real-time trading blotter and other applications to enter, price and process the financial instruments CNCE works withâderivatives, fixed income, treasury, and mutual funds. CNCEâs risk managers will benefit from a comprehensive suite of portfolio analytics that includes fast and flexible parametric and Monte Carlo VaR analytics, plus a variety of real-time applications like credit risk and limit servers, and continuous hedging.
Pierre Jenny, Director of Financial Planning, said several compelling reasons convinced CNCE to invest in the new system. âSummit has a very good reputation and track record at CDC IXIS, with whom we are business partners, and as we examined its capabilities we could see why this is so. The range of supported financial instruments is excellent, as is the depth of Summitâs risk management facilities, which ranges from real-time credit risk control to a choice of VaR methodologies.
"The size of Summitâs presence in Paris and the fact the company is part of the Misys Group also weighed in its favor," Jenny added. "All these factors also influenced our decision to enter a partnership agreement with Summit to build a new Basel II business module. The module will enable compliance with the forthcoming set of regulatory requirements."
Project Director Michel Fercoq remarked: "With 31 banking entities on our WAN relying upon CNCE for critical services, the stability of our strategic systems is absolutely essential. We are very confident about the reliability, performance, and scalability advantages Summitâs real-time, n-tier distributed architecture provides."
According to Marc Coutelier, a director at Summitâs Paris office, the sale underscores the companyâs strategy of providing clients the means of consolidating their transaction processing needs on a single, integrated software platform. "Summit handles every instrument and asset class the client needed, and weâre providing a continuously evolving and efficient software infrastructure that will act as a springboard for CNCEâs long-term strategic business plans."