AFM has been a customer of Summit since 1997. Originally Summit was implemented in the interest rate derivatives area and was expanded in 2000 to cover fixed income front-to-back and commercial lending. By the end of 2003 the range of business had outgrown the system.
âInstead of going down the path of a complete system re-write we decided to look at external suppliers including Summit,â says Steve White, IT client manager for credit derivatives in Abbey Financial Markets. âUntil recently no vendor could provide us with the functionality we required. Six months ago Summit launched version 3.5 and this release has narrowed the gap. Summit was also the natural choice to fit into our current infrastructure and work with our own APIs. Going forward, Summit is developing a good roadmap for product development, particularly in the structured trades area and this was an important factor in our decision.â
Summit also integrates well with Abbey Financial Marketâs own models for exotics and structured trades processing that includes RPI options, reverse floaters and callable range accrual notes. âCredit derivatives are a very active and evolving market and Summit will give us the power to react more quickly in the handling of larger volumes and growing complexity.â
âThe Summit trade capture screen will make the development of the credit derivatives business much easier with a single point of deal capture. In IT we find the system incredibly robust with an open architecture that is easy to integrate both up and downstream,â concludes Steve White.
Delme Bolton, IT client manager for fixed income at Abbey Financial Markets adds, âWe are currently upgrading our Summit modules for fixed income to version 3.6. We will then start the implementation of the credit derivatives module to go-live by Q1 2005. We will handle the implementation in-house as we have a pool of very experienced Summit trained staff. However, we are working closely with the Summit team to define the project plan, roles and responsibilities to ensure we go-live on time.â
Danny Netto, business relationship manager at Summit adds, âI have been working with Abbey Financial Markets for the past 2 years and during that time I have seen their use of the system expand considerably both in breadth and depth. My job is to keep AFM informed of all developments and to liaise with them on a day-to-day basis, both during the up-grade and the install of the credit derivatives module. I look forward to a good working partnership going forward.â