FHLB licenses Summit system

FHLB licenses Summit system

Boston's Federal Home Loan Bank (FHLB) is deploying a front-to-back office trading platform from Summit Systems to manage its investment and funding portfolios and associated hedging activities.

Summit says its integrated platform will provide the bank with a real-time STP environment that includes trading, risk management and back-office processing support for a range of fixed income securities, money market instruments and interest-rate derivatives.

Kelly LaCava, vice president, IT, FHLB, says the bank will use the Summit system to consolidate multiple applications and reduce manual processes.

"The operational inefficiencies associated with operating and maintaining a number of product-specific applications is undesirable for any bank. We needed to simplify our processes and environment by standardising on a single front-to-back STP software platform," says LaCava.

FHLB says it is also working with Summit to enhance and develop FAS 133 reporting functionality.

A phased roll out of the platform will be conducted by Summit's Consulting Services Group and is planned to conclude in Q4 of 2004.

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