London - Summit Systems today announced that it has been selected to provide the software that will support Bank of Ireland’s business expansion into the rapidly growing credit derivatives market. Bank of Ireland Global Markets is responsible for global treasury operations within the Bank of Ireland Group and will install Summit at their HQ in Dublin. In addition to supporting its front office trading function, Summit will also handle all aspects of risk management and operations covering a wide range of instruments. This purchase builds upon the Bank’s existing Summit modules that include money markets, fixed income and interest rate derivatives.

“We reviewed a number of software solutions in addition to Summit,” says Lorcan Connolly, Head of IT for Bank of Ireland Global Markets. “Although we had already installed Summit for other products within Global Markets, we wanted to make sure we were making the right decision to support our new business area. We completed a detailed evaluation process consisting of request for information, demonstrations, client site visits and on-site evaluation before finally selecting Summit. The addition of the Summit Credit Derivatives module ensures that we keep all our derivatives business on one platform thus helping us streamline our processes and procedures”.

Sean Crowe, Head of Trading for Bank of Ireland Global Markets adds, “I was impressed by Summit’s product knowledge and the capability of its solution. It will provide us with flexible pricing, integrated risk management and back-office tools that will enable us to establish and grow our business in this competitive and profitable market.”

“We are seeing quite a number of Banks planning to enter the growing credit derivatives market,” says Xavier Bellouard, Managing Director of Summit Systems in London. “Although Summit has a pedigree in derivatives software, I believe that we have been successful with Bank of Ireland due to our capability to offer cross-asset integration combined with best of breed functionality. I am delighted that Bank of Ireland has chosen to invest further with Summit and to grow our business partnership.”

Suzanne McLaughlin
Global Marketing Manager
Summit Systems International Ltd
18 King William Street
London
EC4N 7BP
United Kingdom

Tel: +44 (0) 20 7337 8558
Email: suzanne_mclaughlin@summithq.co.uk

Jane Flynn
Head of Marketing
Bank of Ireland Global Markets
Colvill House
Talbot Street
Dublin 1
Ireland

Tel: +353 1 799 3000
Email: Jane.Flynn@boigm.com

Part of the Bank of Ireland Group, Global Markets is the leading provider of treasury services in Ireland. Its customer base ranges from major multinationals through to fast growing companies, across Ireland, United Kingdom and the United States. Global Markets provides wholesale pricing for corporate, business and institutional customers, tailoring individual packages to suit the investment and hedging needs of our large and diverse customer base.

Global Markets also engages in proprietary trading opportunities in fixed interest and foreign exchange global markets, and manages the liquidity, interest rate and foreign exchange exposures of the Bank of Ireland Group. It is expert in the area of international banking and trade finance, providing a fully integrated and streamlined service for customers. Over 560 staff are employed between operations in Dublin, United Kingdom and the United States.

Summit Systems provides a proven, technologically advanced, multi-asset class solution for treasury and capital market participants. With headquarters in New York and operations in Paris, London, Frankfurt, Seoul, Singapore and Tokyo, Summit is a world-leader in banking software solutions. Summit is a scalable, open and extendible solution covering fixed income, treasury, derivatives and commercial lending. It provides sophisticated trader tools and risk management combined with rules-based workflow and real-time trade processing - helping financial institutions increase STP and reduce costs.

Founded in 1990, Summit is a wholly-owned subsidiary of Misys plc.

Misys plc, the global software products and solutions company, serves customers in the international banking and securities, international healthcare, and UK general insurance industries. Through a wholly owned subsidiary, Sesame, it also provides business process outsourcing services to independent financial advisors (IFAs) in the UK. Misys partners with its customers to deliver outstanding IT solutions to essential industries, and employs over 6,000 people internationally.

For more information, visit www.misys.com