SwapsWire Links Up With Summit

London, 23 May 2003 – SwapsWire and Summit Systems, Inc., announce that Summit version 3.5, the latest release of Summit Systems’ STP transaction platform will support tight integration with the SwapsWire platform for complete automation of OTC derivative trade capture and confirmation.

Trades which are eligible for confirmation on the SwapsWire network are automatically fed to Summit version 3.5, facilitating trade capture; completely automating the trade confirmation process.

Chip Carver, SwapsWire’s CEO said "The direct linking of the features of the SwapsWire network with the functionality of Summit version 3.5 provides a significant gain for those dealers seeking fully automated STP of OTC derivatives."

Dealers using Summit version 3.5 and SwapsWire will be able to take advantage of the pre-built FpML-based interface. Other SwapsWire clients can customize their own interfaces using a programming interface provided by SwapsWire.

SwapsWire links dealer to dealer and broker to dealer systems together, avoiding the need for multiple input and reconciliation. It avoids the need for each party to record trades separately and then match and confirm them afterwards.

A consortium of 23 leading derivatives dealers, SwapsWire provides a network which allows brokers and dealers to confirm deals in real time between each other electronically. Deals are legally confirmed, removing the burdensome and time-consuming manual trade reconciliation process.
"15 of the 23 dealers that make up the SwapsWire consortium are Summit Systems customers, making SwapsWire a natural fit for Summit version 3.5. With dealers looking to cut costs and gain efficiencies, the tight integration of these two platforms will further our customer’s ability to realize cost savings through automation," said Xavier Bellouard, Managing Director of Summit’s London Business Center.

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