Summit Systems continues to show steady client expansion with the announcement today of three major new deals in Europe, USA and Asia.  The contracts have all been signed since the start of Misys plc’s new financial year starting June 2004, signalling an excellent start to the new year. The signings cover a range of asset classes including treasury, fixed income and structured trading - demonstrating Summit’s multi-asset class strength:-

- HSBC – the Bank has signed to take Summit MUST to process structured trades including such trades whose underlyings span multiple asset classes. The tool will help HSBC manage all structured trades straight through from trade entry to risk management and operations; with all parts of the processing working off the same trade definition.  Georges Bory, Managing Director for Summit in Europe comments, “HSBC have been a customer of Summit for many years and we are delighted that HSBC have agreed to be an early adopter of MUST. Our latest version of MUST (V3.7) delivers more innovative functionality to this high growth, highly profitable market, giving HSBC the power to quickly introduce any customer driven instruments.  MUST will be used by traders throughout HSBC in Europe and Asia.”

- Federal Home Loan Bank of Pittsburgh – Summit will deliver pre-trade analytics, operational processing and accounting for the GSE’s fixed income and derivatives portfolio, including mortgage-backed securities (MBS). “This is the 4th bank that we have signed within the FHLBank system,” says Allen Whipple, Managing Director of Summit’s North American operation.  “This 33% market share within the FHLBanks demonstrates that Summit is now a leading player in the fixed income market.  In particular, we have been chosen because of our breadth and depth of functionality across multiple asset classes and for our capabilities for addressing FAS133 requirements in our accounting module.”

- Bank Danamon – one of Indonesia’s largest banks, will implement Summit for Treasury.  The 60 user system will cover all the Bank’s needs from trading, through to risk and operations. “Danamon is our first deal in this area of Asia, “ comments Xavier Bellouard, Managing Director of Summit Systems International. “We have recently invested in opening Summit offices in Seoul and Singapore to drive growth in the Asia region. This is our largest order in Asia and follows on from recent successes in China and South Korea.”

Summit’s CEO, Hervé Baulme expands further, “Over the last 2 years Summit has continued to grow whereas many of our competitors have suffered from the adverse market conditions.  I believe that Summit has been highly successful because of the huge investment we have made in our product, for example: areas such as structured securities, regulatory control (FAS133) and the processing of structured products.  From a technical point of view, we have re-engineered our flagship product so that it is now thin-client, based on the Microsoft .NET architecture, and can meet the breadth and depth in functionality, combined with the usability and flexibility demanded by today’s leading financial institutions. Summit has a strong pipeline and will continue to be a market leader in the treasury and capital markets arena.”

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

About SummitSummit 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.

About 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.