Commerzbank Takes Summit For Back Office

TECHNOLOGY & INTEGRATION

COMMERZBANK has gone live with software from New York-based Summit Systems for its global back office derivatives processing needs.

The bank is using Summit version 2.5 to process a range of interest rate derivatives, including swaps, swaptions, caps/floors and exotics (Derivatives & Risk Technology, September 15).

Summit's derivatives software has been in use for some time at Commerz Financial Products (CFP), the bank's derivatives subsidiary (Derivatives Engineering & Technology, October 3,