Societe Generale Securities Services (SGSS) has gone live with the Summit FT integrated tool from Misys to support its growing asset servicing and custody services business in Paris, France.
SGSS engaged Misys to unify systems across its fund administration & asset servicing (middle office) as well as custody depository & trustee services (back office) businesses.
The firm has completed the implementation of Misys Summit FT, an established multi-asset class front-to-back office application. SGSS has also installed Misys Summit MUST application, the leading software platform for pricing and managing exotic OTC derivatives, hybrid and structured products.
With the current volatility in equity markets, accurate and independent valuation is becoming increasingly important for an institution’s governance and a key part of the Misys Summit FT solution for SGSS was the additional functionality of independent valuation.
Additionally, SGSS utilized Misys Consulting Services for implementation and integration to gain maximum value from their investment.
“Our OTC derivatives outsourcing service launched two years ago is one of the few solutions in the market for firms that want to take a modular approach and outsource just the OTC derivatives component of their middle and back office,” says Serge Jacqueline, head of Fund Administration and Asset Servicing, SGSS.
“Unifying our middle and back office platforms with Misys Summit FT will create real-time processing in the business with much stronger collateral tracking and valuation helping us create strong returns for client firms currently using the service.”
“Successfully building a modular and sophisticated OTC derivatives outsourcing service like SGSS is an impressive achievement,” says Dan Cohen, global solutions manager, Misys Summit.
“We’re seeing real demand for integrated technology solutions delivering OTC derivatives portfolio valuation and collateral management as well as post-trade processing and trade lifecycle management including confirmations, settlements and accounting events generation”.
L.D.