The bank began its extensive evaluation early in 2003. It looked at several leading suppliers including Reuters Kondor+, Sungard and Murex. Summit was chosen from the shortlist of vendors due to its full support of all interest rate derivatives, fixed income and treasury products plus its superior tools for handling and pricing complex structured trades. Mr. Xinqiang Zhu, General Manager and head of the trading room at Bank of China, explains: "The system offers wide product line and good front-office functionality. We were also impressed by the future direction of the product and look forward to a long standing partnership with Summit."
In the front office, Summit will handle all aspects of derivatives trade entry and pricing, interfacing with real-time market data feeds. The system will also provide real-time services including market risk, FX positions, bond positions and money market securities issuance, to help the bankâs traders make rapid and informed decisions.
Marc Coutelier, Manager of the Asia region at Summit, concludes: "We are delighted with this first major win for Summit in China. As Summit are part of the Banking and Securities division of Misys we have been able to leverage our global sales and support network to win this deal. The system was implemented in Beijing, China, with Mandarin-speaking staff and completed within a challenging two-month window, enabling the bank to go live as planned in the middle of December 2003."
* survey in the October 2003 issue of The Banker