LONDON, October 15, 2012 /PRNewswire/ --
New functionality
in the cross-asset front-to-back treasury and capital markets
system supports central clearing, margin management and OIS
discounting
Misys, the global leader in treasury and capital markets
solutions, announced today the release of Summit FT Version 5.6,
which enables capital markets firms to quickly adapt their
operations to accommodate the growing volumes of OTC trades being
centrally cleared, and to meet the latest requirements of both
Dodd-Frank and EMIR. Ongoing and frequent announcements to
these regulations, such as the recent swap definitions and the
change to the methodology of pricing interest rate derivatives
(OIS), requires adaptable technology. Summit FT Version 5.6
supports these new requirements, improves automation and regulatory
reporting and has been built with the flexibility to handle new
regulations as they are defined.
"The problem organisations are facing is the challenge to
implement a multitude of changes quickly to meet the vast array of
regulatory requirements. The new version of Summit FT provides a
comprehensive central clearing framework that simplifies this
process," said, Samer Ballouk,
Solution Director for Summit FT at Misys. "With SEFs to be
appointed and legal entity identifiers to be decided by the end of
2012, European and Asia
regulations following Dodd-Frank, the flexible framework of Summit
FT's trade repository and interfaces to central clearers ensures
that customers are ready to meet existing and future requirements
as they evolve."
Virginie O'Shea, analyst at AITE
Group, adds, "We are seeing a huge amount of focus and investment
into the area of regulatory compliance, with Dodd-Frank deadlines
being a high priority. Each month more elements are being agreed,
but with very tight deadlines for systems to comply and many
knock-on effects of the subsequently released regulations,
financial organizations are operating in a tough environment where
some short term fixes may need to be considered. Being able
to partner with vendors that can offer the flexibility to meet
future regulatory requirements in such a fast-changing environment
is key as new market infrastructures are created and regulations
continue to evolve."
New features of Summit FT support the new swap definitions, OIS
pricing, increased collateralisation of trades and connectivity to
central clearers and reporting:
- Improves clearing member and clearing house reporting -
Summit FT supports the requirements for central clearing reporting
through new fields that will capture the Legal Entity Identifier
(LEI) Unique Product IDs (UPI) Unique Swap Identifier (USI)
etc.). Real-time views and out of the box reports.
- Improves STP for centrally cleared trades with full
clearing workflow support that supports both clearing and
non-clearing members and seamless integration to Summit FT's
Collateral Management module.
- Meets market practice change in Interest Rate Derivatives
pricing - new functionality supports OIS pricing including
curve generation, valuation and risk.
- Enables smooth connectivity to central
clearers - full matching and clearing of trades
through out-of-the box interface with MarkitSERV and the Markit
Trade Manager service.
- Provides a single solution for margin and collateral
processing and monitoring. New margining capabilities for
both listed and cleared derivatives for handling the full margin
workflow. The module is a repository for the margin agreements,
providing margin processing, reporting and reconciliation with
brokers.
A whitepaper that discusses the latest developments in the
Dodd-Frank regulation, including swap definitions and proposed Swap
Execution Facilities (SEFs) will be available shortly on
http://www.misys.com or contact tcm.marketing@misys.com to reserve
a copy.
About Misys
Misys is at the forefront of the financial software industry,
providing the broadest portfolio of banking, treasury, trading and
risk solutions available on the market. With 1,800 customers in 120
countries our team of domain experts and partners have an
unparalleled ability to address industry requirements at both a
global and local level.
Misys was formed by the merger of Misys with Turaz. Combined
they are able to address all customer requirements across both the
banking and trading book businesses. Misys is the trusted partner
that financial services organisations turn to for help solving
their most complex problems.
Find out more at http://www.misys.com
For further information please contact:
Edward Taylor
Global Head of Public Relations, Misys
+44(0)20-3320-5530
edward.taylor@misys.com
Caitlin Mitchell
Cognito for Misys
+1-646-935-6300
misys@cognitomedia.com