Summit Systems wins new deals with HSBC, Bank Danamon and FHLB Pittsburgh

Summit Systems wins new deals with HSBC, Bank Danamon and FHLB Pittsburgh

Misys subsidiary Summit Systems is reporting new contracts with HSBC, Indonesia's Bank Danamon and Federal Home Loan Bank (FHLB) of Pittsburgh.

HSBC has licensed the latest version of the vendor's Multi-Underlying Structured Trade (Must) tool, which it will roll out throughout Europe and Asia. Summit says the technology will be used to manage all structured trades, from order entry to risk management and operations, with all parts of the processing working off the same trade definition.

Bank Danamon will implement the Summit System to support its treasury operations. The software will be deployed to 60 users. Summit says this deal is its first in Indonesia. The vendor has opened offices in Seoul and Singapore to drive growth in the Asia region.

Additionally, Summit will provide the FHLB Pittsburgh with pre-trade analytics and operational processing and accounting for the bank's fixed income and derivatives portfolio, including mortgage-backed securities (MBS)
Summit says its technology was chosen for its functionality across multiple asset classes and FAS 133 compliance and reporting capabilities.

All three contracts have been signed since the start of Misys' new financial year in June 2004.

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