Banca Akros, the investment banking arm of Banca Popolare di Milano, is using Summit’s Transact ASP service for its derivatives trading, market making and risk management activities in Milan.
Transact ASP is the Internet-enabled version of Summit Systems’ solutions for trading, risk management and back office activities. The system offers round-the-clock service via modem or corporate Internet connections.
“Transact ASP is a great opportunity for us to avoid hardware and software investment, and to reduce staffing costs considerably. An annual rental software license is more suitable for our budgeting policy,” explains Enzo Chiesa, executive director at Banca Akros. Speed of implementation was also a consideration, he says, with the applications up and running on the trading desk within two months.
Seperately, Summit has announced plans to roll out a new version of its transaction processing platform in Q4 2001. Version 3.2 will include support for equity options and front-to-back support for credit spread options and callable repos, plus enhanced FX trading and risk management capabilities. The system also introduces a new real-time data adapter for importing trades from external trading platforms that publish to a WebSphere MQ system queue.