First Commercial Bank of Taiwan signs for Summit FT

First Commercial Bank of Taiwan signs for Summit FT

Taiwan's First Commercial Bank (FirstBank) is implementing the Summit FT trading and risk management application from Misys subsidiary Summit Systems.

FirstBank, which is largest private bank in Taiwan, will use Summit FT to handle all trading, risk management and operational needs across asset classes, managing position keeping and exposure of trades for FX, money markets, fixed income, FX options, interest rate derivatives, bond options and listed derivatives.

Jeson Liu, EVP, financial markets BU, First Commercial Bank, says the ability to manage structured interest rate derivative products and exotic currency options was a key reason for implementing the Summit technology: "We expect the installation of Summit will enable us to achieve improved STP in a huge range of asset classes including our most exotic."

The bank is also installing the vendor's Multi Underlying Structured Trade (Must) software. Liu says the Must tool will enable users to create, price and process trades without IT assistance, through to settlement.

Summit will customise the platform to enable processing of local bonds, while its local distributor in Taiwan, Ares, will tailor the system to meet local accounting and central bank reporting regulations. Phase one of the implementation is expected to go live in Q4 2005.

The bank is Summit's first client in Taiwan.

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