Summit replaces an existing front office trading system and in-house developed Excel spreadsheets to provide a full front office and risk management suite. Mr C.S. Bang, IR derivatives trader, of IBK says, "The real benefit of Summit MUST is that it integrates fully with other Summit modules on one database, providing a single system that can completely price, process, hedge and manage the risk and P&L of any exotic, structured or vanilla product. Summitâs solution will enable us to grow our position in the extremely active South Korean exotics market."
Mr D.J. Ko, head of the derivatives desk at IBK explains the reasons behind its choice of vendor. "Summit has a very good reputation and local Korean speaking support. Also, during our evaluation, we discovered that Summit was being used for derivatives trading by many foreign banks in South Korea. This gave us the confidence to employ the system to manage this very important and profitable area of our business. Summit provides us with the ability to manage any kind of multi-asset class exotic product and will provide us with significant efficiencies and risk reduction compared to our previous front office system."
Summit consultants worked closely with IBK to import and reconcile current IBK activities into Summit. David Cassonnet, Summit Korea director, comments, "We completed the project on time and to budget within a 2.5 month period, working in successful partnership with our distributor in South Korea â Tong Yong Systems. Since opening our Seoul office, at the end of last year, we have been transferring Summit knowledge to the Summit team in Korea. Today our Korean operation is live and very much ready for business. After NACF, IBK is the second Summit reference in Korea and we are very happy to see that many other banks are now very interested in the Summit offer."