WestLB Consolidates Financial Markets Systems with Summit

The Global Financial Markets group of Düsseldorf-based Westdeutsche Landesbank (WestLB) has selected Summit Systems for a major consolidation of its systems environments in its London, Düsseldorf, Tokyo, and New York offices. The phased implementation that has commenced with a successful ‘go-live’ in London will conclude in Q1 2004. WestLB will retire a number of current systems including legacy software products from Murex, Front Capital and Sungard FX. More than 600 users will benefit from the new platform’s sophisticated real-time trading, risk management and back office capabilities. Summit will provide front-office trading support for a wide array of financial instruments including FX and FX options, money markets, credit derivatives, interest-rate derivatives, fixed income and bond options. Gerd Boerker, WestLB’s head of IT and e-commerce, said, ‘Historically, WestLB has implemented ‘best-of-breed’ solutions from several financial software vendors. Unfortunately best-of-breed entails high maintenance costs and narrow scope, so several different front, middle, and back-office systems were required to adequately address all of our needs.’

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