Summit Systems to release STP messaging framework

Summit Systems to release STP messaging framework

New York-based Summit Systems is to release its STP Messaging Framework, part of its STP transaction platform, which provides both internal and external message and workflow management.

The framework, which is part of the upcoming version 3.5 release of Summit's STP transaction package, adds message and workflow management capabilities to its existing message generation, routing and delivery components.

Summit says the framework links internal business processes with external STP services such as matching agents, clearing and settlement institutions, central counterparty and netting facilities.

The system provides clients with a bi-directional message-processing server that provides user-defined process automation for all incoming and outgoing messages related to trade confirmations, settlements and ongoing trade events.

This initial release provides connectivity with IBM MQ Series-based external applications utilising the pre-packaged Summit MQ Series Message Gateway Adapter and the vendor says additional protocols and message types can also be added. Support for bilateral trade matching with GSCC's Real-Time Trade Matching services (RTTM) will be available after the general release of the product.

Laurence Paley, manager, strategic projects, business centre, Summit Systems, says the messaging framework provides reliable external message exchange and efficiency for clients, especially those whose trading volumes generate large amounts of messaging traffic.

"By eliminating manual processing from the message loop between financial institutions and external services, it helps deliver the promise of true STP from trade inception through settlement completion," he says.

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