New York, NY, May 27, 2003 – Summit Systems, Inc., a wholly owned subsidiary of Misys plc, today announces that it has been awarded a contract by Veolia Environnement (formerly Vivendi Environnment), the Paris-based utilities firm, for use of Summit’s Transact ASP service. Transact will provide front and middle office support for Veolia’s corporate treasury operations.
Veolia Environnement is the second European client for Summit’s fully-featured ASP version of its renowned integrated STP transaction platform for fixed income, forex , treasury and derivatives businesses. Veolia Environnement will initially use the service, hosted at facilities located in Paris, to provide trading support for interest-rate bonds and derivatives, and advanced risk management capabilities.

The new service will provide comprehensive pricing and reporting capabilities as well as mark-to-market portfolio valuation, P&L positions, high-performance hedging, asset and liability management, and Value-at-Risk calculations. Forex trades will be captured in real time through the online portal FXall.
Damien Vancraeyneste, Deputy Front Office Manager and Veolia Environnement project manager for Summit ASP: "With Summit’s Transact ASP facility hosting all hardware and software components, only a thin client application is necessary for remote access to all of Summit’s business functionality over the Internet. Unlike a conventional installation of a large and sophisticated software system, we don’t have to allocate any physical or human resources to support and maintain the product. Summit handles all support tasks on a continuous, year-round basis. All we have to do is make full use of the system’s capabilities and run our business."

Raphael Bensimhon, Director of Sales at Summit’s Paris office added, "We are very pleased that Veolia Environnement recognized the clear functional and cost advantages of using our ASP offering, and we look forward to serving additional needs in the future," said.

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