Misys Subsidiary Summit Systems today introduced Version 3.4 of its modular product suite, which it says will allow more flexibility and power from the firm’s array of real-time STP business modules. The firm adds that “the release strengthens the company’s claim of providing the most robust front-to-back transaction processing capabilities available for capital markets participants with fixed income, treasury, derivatives, and commercial lending operations.”
Version 3.4 includes enhancements suxh as real-time cash management, support for guaranteed investment contracts (GICs), advanced XML messaging, expanded commercial lending capabilities, richer credit derivatives functionality, improved instrument and pricing support for equity futures and listed options instruments, plus a number of additions that increase the ease-of-use and flexibility of Summit’s FX trading support.
The company says the new real-time cash management module is the culmination of several years of software development focused by the needs of treasury specialists and other professionals who require precision monitoring and control of day-to-day cashflows-plus the capability to handle high STP trade volumes. The new module features real-time nostro settlement balances with trade drilldowns and user-defined cashflow views, along with real-time gap analysis to manage interest-rate exposures.
The new GIC (guaranteed investment contract) module encompasses the construction, housing, float, and DSR fund types associated with these specialized investment vehicles, along with a wide range of deal characteristics. The module provides all the functionality needed to handle variable draw schedules and cashflows.
In the data exchange arena, Summit’s easy-to-use integrated XML output capabilities-ideal for users who like to manipulate the output from a wide range of report applications using favorite tools like MS Access, Visual Basic, and Crystal Reports-is now extended with support for FpML, which facilitates the exchange of trade structures between Summit and other external systems. Support for the SOAP message exchange protocol-a prerequisite for distributed Web services-is now available.
Summit’s Commercial Lending module features a host of new features. Highlights include more flexible credit risk tracking and improved handling of moving balances, spreads, third-party payments, and transaction mirroring. A new consolidated Deal Viewer enables users to see customizable instant snapshots of all loan transaction or credit agreement details. And a new standalone module, Inter-Company Lending, is precisely tailored to the evolving needs of large institutions that must manage complex funding arrangements between internal legal entities.
Support for credit derivatives is strengthened with support for ISDA supplements, along with new settlement methods for credit swaps. Summit now features sub-type definitions for credit derivatives, plus a new credit portfolio position report that provides positions, MTM values, and calculated practical greeks for a portfolio containing credit default and total return swaps, and bonds.
On the equity product front, equity option coverage expands to support pricing American-style options in addition to European options. The system now handles exotic equity option trades such as forward start or one-clique, Asian, single barrier, and piecewise. Support for equity futures and equity listed option contracts is improved with the inclusion of the BAWA (Barone-Adesi Whaley approximation) pricing model.
Summit’s newest release also upgrades its real-time FX Workstation module, deployed in high-volume environments. Besides numerous ergonomic upgrades that improve ease-of-use, the Workstation now helps users more easily monitor consolidated currency risk, choose between a variety of P&L calculation methods, and differentiate between trades that directly affect positions and those that do not.
“Despite a challenging economic environment, our client base recognizes the importance of investing in software that offers immediate return on investment and better performance,” says Allen Whipple, Managing Director of Summit’s New York Business Center. “Summit lets them consolidate their system infrastructure with a modern STP platform, cut transaction costs, quickly deploy the business functionality they need right now, and position themselves for future growth and the demands of a future T+1 environment.”