Summit FT for Central Counterparty Clearing

In response to new regulatory requirements and market practices, Summit FT has been enhanced to help customers address regulatory demands for improved transparency and enhanced risk management in a centrally cleared environment. The solution provides advanced STP, a comprehensive trade repository and cross-asset collateral and margin management for both OTC and exchanged traded derivatives. These enhancements ensure that firms can effectively manage the complexity associated with multi-participant workflow and meet regulatory requirements for margin and collateral management in a single, comprehensive system.

Customers can adopt a ‘componentised’ approach, adding new functionality as and when they need it. This approach allows for an immediate response with minimal disruption, risk or cost to changing regulatory requirements.

Benefits of the Summit FT solution:

Rapid Response to Regulation with Minimal Risk and Disruption
Summit FT’s clearing capabilities are available as extensions to the existing trading platform. This is superior to competitor offerings where the central clearing solution is completely separate or disparate from existing systems, requiring significant hardware or software investments and a lengthy implementation process. Leveraging a componentised approach, customers can pick and choose the functionality they want. This ensures that customers can be ready to meet to new clearing requirements as soon as regulations are mandated, with minimal risk, disruption or cost.

Manages the Complexity Associated with Multi-Participant Workflow
Enhancements to Summit FT’s trade entry and workflow screens facilitate seamless STP across all counterparties for both cleared and non-cleared trades. Using the new functionality, users can electronically capture, consolidate and automate data related to central clearing counterparties, registration, fees, commissions and valuations. Through a partnership with MarkitServ, Misys customers now have direct connectivity to central counterparties (CCP), SEFs and trade repositories, significantly simplifying the trade workflow. Leveraging this seamless connectivity, customers benefit from real-time bilateral trade routing, affirmation, matching, allocation, confirmation, give-up and reporting for both cleared and non-cleared OTC derivative trades.

Manages, Controls and Minimises Risk Using a One-Stop-Shop Approach for Margining and Collateral Management
Summit FT has proven collateral and margin management capabilities. Summit FT's collateral management module enables the monitoring, measuring and managing of counterparty credit exposure in real-time. The module has now been extended to include real-time margin call management for futures and listed options, and cleared derivatives. Summit FT’s users will therefore benefit from comprehensive collateral and margin management for both complex OTC and exchange traded derivatives for bi-lateral trades as well as cleared trades.

Helps Firms to Meet Regulatory Requirements
An automated, secure system provides comprehensive reporting, adequate controls and a full audit trail to ensure regulatory requirements for transparency are met. 
 

Summit FT Central Clearing Fact Sheet