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Summit at TSB: New York-based software vendor Summit Systems has sold a licence for its application suite to TSB Hill Samuel Bank in London.

According to sources, Hill Samuel is using Summit for interest-rate derivatives trading, replacing a previous proprietary system.

These sources add that Hill Samuel also plans to deploy Summit for global risk management. The investment bank's parent, TSB, is also believed to be considering using Summit in such a company-wide role (Derivatives Engineering &

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