CDC IXIS selects Summit for bonds and repo back office

CDC IXIS selects Summit for bonds and repo back office

CDC IXIS Capital Markets, a subsidiary of the Caisse des Dépots et Consignations, has selected Summit Systems to update its international bond and repo back office infrastructure at its Paris, London and Tokyo offices.

A primary dealer in France, CDC IXIS will implement Summit's Version 3.1 back-office suite and real-time STP engine to process bonds, repos, and money market securities. Rollout is scheduled for the last quarter of 2001.

The company has been a Summit user since 1995, implementing the software at several sites worldwide including front-to-back support for IR, FX, and credit derivatives, back office treasury support for FX and money markets, and middle office support for fixed income.

Robert Costaz, head of several back-office operations at CDC IXIS, says the Summit System was selected in competitition with other vendors. "Our goal for our new fixed income back office software is the same as that achieved by our other back office teams using Summit: high-volume trade processing with stabilised human resources and reduced operational cost," he adds.

Marc Coutelier, back-office product line director, Summit France, says CDC IXIS becomes the tenth Summit reference site in the fixed income back office arena.

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