CNCE selects Summit for front and middle office

CNCE selects Summit for front and middle office

Paris-based Caisse Nationale des Caisses d'Epargne (CNCE) is to roll out Summit Systems' transaction processing software to 150 users across its front and middle office.

Summit - a subsidiary of Misys - says its software will consolidate the bank's transaction processing onto a single, integrated software platform.

The solution will provide real-time trading, centralised position keeping and risk management including parametric and Monte Carlo VaR analytics, such as credit risk and limit servers and continuous hedging.

Front-office staff will use a real-time trading blotter and other applications to enter, price and process derivatives, fixed income, treasury and mutual funds.

Michel Fercoq, project director at the bank, says: "We are very confident about the reliability, performance, and scalability advantages Summit’s real time, n-tier distributed architecture provides."

System rollout is scheduled to begin in the autumn.

CNCE says it has also entered a partnership agreement with Summit to build a Basel II business module to enable it to comply with the forthcoming regulatory requirements.

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