Danske plans systems upgrades for exotics and swaps
Steen Blaafalk, Danske's global head of fixed income and derivatives in Copenhagen, indicated in a statement that implementation of the systems support for exotic callables is imminent, with the cash management module and e-swaps module following “shortly thereafter”. Blaafalk was not available for comment.
Danske has already implemented a Summit Systems straight-through processing (STP) capability that electronically integrates front- to back-office components. This core system was introduced at the bank’s main operating centres in the Nordic region, plus its London and New York offices. It was designed to save overheads and improve risk management.
Danske has also licensed a real-time, high-volume forex trading module, a real-time incremental hedge server, advanced tools for customised applications and real-time STP workflow monitors from Summit Systems. It has paid for a 275-concurrent user licence, but the financial terms of the deal were not disclosed.
Meanwhile, Italy’s UniCredit Banca Mobiliare, a unit of UniCredito Italiano, is updating its front- to back-office infrastructure, which was also supplied by Summit Systems. New capabilities include real-time hedging, credit and commercial lending support, plus an internet toolkit.
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