The sale continues the ever-growing use of Summit at CDC IXIS Capital Markets dating from 1995. The firm has implemented the software at several sites worldwide in the following business areas: 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 Capital Markets, remarked: "Selecting Summit was natural considering the success of our latest middle office project. This time, our goal was to choose a new back-office system with strong customization capabilities, real-time services, complex product coverage and advanced STP automation. After studying solutions from several other vendors, we agreed that Summit’s new STP engine is the best choice for us."
Costaz wants to continue a winning tradition with Summit. "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 stabilized human resources and reduced operational cost."
CDC IXIS Capital Markets has come to rely on Summit’s continual technology evolution. IT Director Dominique Buet commented: "Based on our operational experience over the years, Summit has proven its capability to advance from pure client-server technology to a multi-tier, real-time distributed architecture. We strongly believe the real-time STP engine in Summit V3.1 represents a solid foundation for our future business growth and a durable backbone for our continuing IT infrastructure efforts."
Summit’s long-term track record at CDC IXIS Capital Markets was a very important consideration. According to Managing Director Anthony Orsatelli, "A key factor in selecting Summit for this strategic project was their very good implementation history. We already knew the benefits of an integrated front-to-back software solution from using Summit’s derivatives functionality. Now we’ll be better able to manage our IR risk for all our interest-rate-based business."
Marc Coutelier, Back-Office Product Line Director, Summit France, remarked: "We are very pleased to extend our relationship with CDC IXIS Capital Markets. They become the tenth Summit reference site in the fixed income back-office arena. Our client will now benefit from real-time position viewers at the portfolio or trade level. User-configurable STP business logic will eliminate numerous manual processing steps, slashing processing errors and the number of human resources required to support and monitor the system’s day-to-day operations."
"But perhaps most important from my perspective," Coutelier concludes, is that fact that "CDC IXIS Capital Markets represents additional evidence of Summit’s commitment to forging trusting, long-term relationships with its client base."
About CDC IXIS Capital Markets
As a credit institution that has been approved as a financial company, CDC IXIS Capital Markets is a subsidiary of the Caisse des DÃ©pÃ´ts et Consignations group (80%), bringing together its intermediation activities on capital markets since 1 September 1996.
With total assets of EUR 86 billion as of 31 December 1999, almost 600 employees and AAA/Aaa rating, CDC IXIS Capital Markets is a major player on the European interest rates markets and is one of the most dynamic intermediaries on French equities. CDC IXIS Capital Markets offers a range of services which meet the needs of both issuers and investors:
2) Montage and financial engineering
3) Economic and financial research
Summit Systems, Inc. is a recognized worldwide leader in providing front-to-back transaction processing support for fixed income, treasury, derivatives and commercial lending businesses. It provides integrated trading, operations and enterprise risk management software to banks, financial institutions, and capital markets participants worldwide. Summit, with headquarters in New York and full-service offices in Paris, London, Frankfurt, Tokyo, Hong Kong and Sydney, is a wholly owned subsidiary of Misys, plc, the world leader in banking software solutions.