Summit releases upgrade to STP suite

Summit Systems, a risk systems and technology vendor headquartered in New York, has released version 3.4 of its Summit straight-through processing modular front- to back-office product suite.

Version 3.4 provides enhanced capabilities to the existing Summit product, offering real-time cash management, advanced extensible mark-up language (XML) messaging, improved credit derivatives functionality and improvements to Summit's foreign exchange trading support service.

The new integrated XML capability has been extended to include support for financial products mark-up language (FpML), which facilitates the exchange of trade structures between Summit and other external systems. The new version also allows for support of the simple object access protocol (Soap) message exchange protocol.

Summit has extended its credit derivatives capability by supporting International Swaps and Derivatives Association (Isda) supplements, along with new settlement methods for credit default swaps. Summit now features sub-type definitions for credit derivatives, plus a new credit portfolio position report that provides positions and calculated greeks for a portfolio containing credit default and total return swaps and bonds.

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