Italian Firm Deploys Misys Summit

MILAN—The Italian bank Iccrea Banca is deploying Misys Summit software and various modules to handle its front-to-back operations, officials tell DWT.

Misys Summit is a multi-asset class treasury and capital markets solution. The software now works with the Microsoft .Net framework. Approximately 30 staff members in Iccrea's trading and back-office operations are slated to use the software from Summit (formerly Summit Systems).

Misys Summit provides integrated coverage for assets such as bonds, equities, foreign exchange (FX), money market instruments, interest rate derivatives, credit derivatives and exotic, over-the-counter (OTC) derivatives, says Michael Ctorza, sales manager for Southern Europe at Misys.

The Italian bank has also deployed Misys Summit's accounting module, in order to comply with the IAS39 regulation for hedge accounting and to provide regulatory reporting to the Central Bank of Italy.

"Iccrea posted a call for proposals early last year," says Ctorza. "The bank can add different APIs to the solution and create metadata layers and new tables. It can also customize the entire product and plug it into additional instruments."

A team of Summit officials, IT analysts and Iccrea's IT staff is handling the deployment, according to Ctorza. "Iccrea is using one or two Italian IT analysts," he says.

While Iccrea Banca deployed the fourth version of Misys Summit, a new version of the product is scheduled for launch next month, Ctorza says. Iccrea will be upgraded with that new version once it is released.

During the second phase of the deployment, set to take place in April, Iccrea will add Must to the Misys Summit suite. Must allows the integration of structured products in Summit. It manages complex structured deals with multiple cross-asset underlyings.

"Structured trading is a growing market," Ermanno Rapone, head of treasury and capital markets for Iccrea Banca, says in a prepared statement. "Must would give us the power to process structured products with the ease of any vanilla instrument," Rapone adds.

Finally, in a third and final deployment phase, Iccrea will deploy Misys Summit's risk management modules. The addition will allow the Italian bank to cover enterprise-wide risk analytics including market risk control and Monte Carlo Value-at-Risk (VaR). deployment will take place in May or June, depending on the deployment of Misys Must," Ctorza says.

Officials at Iccrea confirm the existence of the deal with Misys, but did not return multiple calls for further comment.