Milan-based Banca Akros, the investment banking arm of Banca Popolare di Milano Group, has selected Summit's Transact ASP platform for FX cash and FX option trading, market making, and risk management activities.
The new FX capabilities join the interest-rate derivatives processing services Transact ASP currently provides to the bank. Misys subsidiary Summit says the order replaces an internal FX trading application and a well-known FX options trading software product.
For the two Banca Akros FX desks, Summit will support FX spot, forward, swap, option (plain vanilla and exotic), and FX future trades. Front-office traders will be furnished with real-time position management, and will employ Summit’s real-time position hedging with interest-rate products such as deposits, FRAs, interest-rate swaps, and interest-rate futures.
The firm will utilise Transact ASP’s real-time connections with EBS and D3000 dealing systems, and as well as feed real-time market data to the ASP platform.
Banca Akros also will use Summit’s e-Toolkit to give Microsoft Excel users the ability to directly access and employ sophisticated Summit functions and calculation services within their spreadsheets.
Cesare Nuti, head of foreign exchange operations, remarks: "The annual software license rental fee for Summit’s ASP service is well suited to our budget policy. We don’t give up anything because we’re using an ASP-based service - Transact ASP offers the same functionality as a conventional on-site installation."