SUMMIT LINKS INTERNAL AND EXTERNAL STP

New York, NY, May 19, 2003—New York-based Summit Systems, Inc. announced today enhanced capabilities for the seamless integration of its rules-based internal STP business processes with the various external services and industry utilities that institutions increasingly rely upon.

Laurence Paley, Manager-Strategic Projects with Summit’s New York Business Center, observed: "Summit’s STP Messaging Framework solves a real-world problem for institutions confronted with linking internal STP business processes with external STP services such as matching agents, clearing and settlement institutions, central counterparty and netting facilities."

Summit’s real-time STP Messaging Framework tackles this challenge by furnishing Summit clients with an intelligent, bi-directional STP message-processing server that provides full user-defined process automation for all incoming and outgoing messages related to trade inception confirmations, settlements and ongoing trade events.

The STP Messaging Framework is designed to accommodate all trade-related messaging streams, be they responses to trade documentation previously dispatched from Summit or as an unsolicited incoming message from an external trade counterparty, confirmation and matching facility, or settlement, clearing or custodial institution. This initial release provides connectivity with IBM MQ Series-based external applications utilizing a new pre-packaged Summit MQ Series Message Gateway Adapter. However, the design’s generic nature allows additional protocols and message types to be added easily, according to client requirements.

Support for bilateral trade matching with GSCC’s Real-Time Trade Matching services (RTTM) will be available subsequent to the general release of the Framework, which is part of the upcoming V3.5 release of Summit’s integrated STP transaction platform. File and data formats for messages encompassing the MT515/509/518 process cycle are validated and decoded, with subsequent trade status updates and workflow controlled via stored STP business-processing rules.
As part of the ongoing evolution of Summit’s advanced STP architecture and workflow management capabilities, the STP Messaging Framework brings state-of-the art internal and external message and workflow management capabilities to Summit’s existing components for message generation, routing and delivery. Paley concluded by saying, "The STP Messaging Framework represents a powerful means of reliable external message exchange and efficiency for clients, especially those whose trading volumes generate large amounts of messaging traffic. By eliminating manual processing from the message loop between financial institutions and external services, it helps deliver the promise of true STP from trade inception through settlement completion."

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