Over the past year, Summit has established Summit MUST as the market-leading product for managing structured trades throughout the lifecycle of the trade. The product provides a framework for modelling new financial structures as soon as they are conceived, removing the need for custom programming to build trades. It makes structured trades as easy to process as most vanillas, with the same workflow, documentation and risk routines. With reduced time-to-market for new products, MUST helps banks improve profitability and gain a competitive advantage in this highly lucrative market.
"We are absolutely delighted to win yet another award for Summit MUST. The Wilmott software award is particularly significant to us because we have been voted by the subscribed readers of the Wilmott publication and website, and these people are the experts in this market," says Bella Polsky, Product Director for Front Office development at Summit. "We also have our clients to thank as we have worked in partnership with leading banks including HSBC, an early adopter and a development partner of the product. The combined strength of our clientâs expertise and highly skilled Summit quants and software engineers has enabled us to deliver this unique product to the market."
"We have invested a considerable amount of R&D man days over the past 18 months and are now seeing a great deal of interest from banks for this type of product. A couple of years ago there was only one tool that banks could use to enter complex and multi-underlying structures â that was Excel. But processing the trades involved custom programming by IT departments, affecting the speed to market of new structures. With MUST we have been able to add significant value to our clients by giving them the power to enter the trade without any extensions to the system. Going forward our development plan is to grow the coverage to include more business components and financial tools."
"This distinguished award proves that we are on the right track addressing current market needs. It also brings new challenges and responsibilities. In order to maintain our leading position, we have a solid development plan and commitment for MUST evolution", adds Igor Chernizer, financial engineer at Summit, a senior member of MUST team in the Product Centre.