WestLB rolls out Summit platform

WestLB rolls out Summit platform

WestLB Global Financial Markets is rolling out New York-based Summit System's integrated trading platform to more than 600 users across its offices in London, Düsseldorf, Tokyo and New York.

The platform will provide front-office trading on a range of financial instruments - including FX and FX options, money markets, credit derivatives, interest-rate derivatives, fixed income and bond options - as well as risk management and back-office processing.

Summit says the software will allow the bank to retire a number of legacy systems including products from Murex, Front Capital and Sungard.

Jayesh Patel, global head of technology, Global Financial Markets groups, WestLB, says: "We're gaining a host of new functions such as real-time trade entry and position keeping."

The phased implementation will conclude in Q1 2004, although the division's London office has already gone live with the platform.

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