Summit Systems, Misys Banking Systemsâ treasury and capital markets focused business, is pleased to announce its first signed contract for Summit FT in Taiwan with First Commercial Bank (FirstBank). The largest private bank in Taiwan will be implementing Summit FT to handle all trading, risk management and operational needs across asset classes. A key aim of the project was to choose a single system that would improve STP, streamline operations and improve risk management.
Summit partnered with Ares, its Taiwanese distributor, to win the deal. Competing with other major vendors over a period of one year, Summit was chosen because of its broad multi-asset class coverage that enables the Bank to handle all its trade processing in one system. The system will handle position keeping and exposure of trades including FX, money markets, fixed income, FX options, interest rate derivatives, bond options and listed derivatives. Summit is providing some customisation for processing local bonds with Ares assisting with expertise to tailor the solution to meet the needs of local accounting and central bank reporting. Summit will also interface with their existing general ledger and IBM mainframe.
"The ability of Summit to manage structured interest rate derivative products and exotic currency options was a key reason for our choice," says Jeson Liu, Executive VP.
Financial Markets BU of First Commercial Bank. "This is a fast growing and profitable market and we want to be able to get new products quickly to market. Summitâs MUST tool will enable us to do that by helping to create the trades and then efficiently price and process these trades, without IT assistance, through to settlement. We expect the installation of Summit will enable us to achieve improved STP in a huge range of asset classes including our most exotic."
The contract with First Commercial Bank was signed in March and Summit expect phase one of the project will go-live in Q4 2005. Alan Railton, Summitâs Sales Director in Asia comments, "This contract is great news for Summit as it is our first customer in Taiwan. I am pleased to say that we have a growing customer list throughout the Asia region including China, South Korea, Indonesia, Singapore, Hong Kong and Japan with some other deals yet to be announced. We believe that our success is due to our expertise in derivatives and structured products combined with excellent coverage of a wide range of asset classes, enabling banks to decide on one system to handle all their requirements."