Summit Systems says that Bank of China has bought its treasury and capital markets platform for its interest rate derivatives trading desk.
The system, which went live in December 2003, was implemented in Beijing and other sites to provide the bank with remote access.
Summit says the Bank of China began looking for a system early last year. The systems it evaluated included Reuters Kondor+, Sungard and Murex. Summit claims it was chosen because its platform supports all interest rate derivatives, fixed income and treasury products, and has superior tools for handling and pricing complex structured trades.
“The system offers wide product line and good front-office functionality,” says Xinqiang Zhu, General Manager and head of the trading room at Bank of China. “We were also impressed by the future direction of the product and look forward to a long standing partnership with Summit.”
In the front office, Summit will handle all aspects of derivatives trade entry and pricing, interfacing with the real-time market data feeds. The system will also provide market risk, FX positions, bond positions and money market securities issuance services.
“We are delighted with this first major win for Summit in China,” says Marc Coutelier, Manager of the Asia region at Summit. “As Summit are part of the Banking and Securities division of Misys we have been able to leverage our global sales and support network to win this deal. The system was implemented in Beijing, China, with Mandarin-speaking staff and completed within a challenging two-month window, enabling the bank to go live as planned in the middle of December 2003.”