Misys signs India's HDFC to Summit FT

Misys signs India's HDFC to Summit FT

India's HDFC Bank is implementing the Summit FT system from UK-based Misys which it will use to process interest rate derivatives trades.

Misys says HDFC will initially use its treasury and capital markets technology for interest rate and currency derivatives processing, covering a wide range of vanilla and exotic instruments.

Sudhir Joshi, treasurer, HDFC Bank, says: "We chose Misys Summit for its strong front-to-back real-time features, from deal capture, pricing, analytics and hedging through to risk management and STP and we believe that it will have an immediate positive impact in our day-to-day operations.

"It will also ensure we achieve our goal not just in interest rate and currency derivatives, but in other areas of the treasury and capital markets business in the future."

Misys says HDFC Bank is the first Indian financial institution to license the Summit FT system since it opened a new sales office in Mumbai.

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