Swedbank has signed a contract to license Opics from the Frustrum Group for its front- and back- office processing in London and New York. Opics is Frustrum's Windows-based PC/LAN treasury and capital markets system and Swedbank has taken modules for, among other products, foreign exchange, FRAs, exchange traded options, financial futures and interest rate swaps.

"We are very happy about our decision to use the Opics system," says Hakan Kallaker, executive vice president at Swedbank in Stockholm. "The Opics product is built upon modern technology and creates a base for our branches to become more cost effective."

By running on a Windows platform with an SQL data base, Opics gives the user virtually unlimited capabilities to retrieve information using either standard or ad hoc queries. In building Opics, the Frustrum Group has taken full advantage of Microsoft's Windows and Visual Basic.

Summit Systems has announced the commercial release of Summit Version 2.5, a new version of its trading and risk management software. It capitalizes on the technology pioneered in Version 2.4, integrating capacity in front- and middle-office operations with back-office functionality.

Version 2.5 adds a new repo module and expanded capability for foreign exchange trades (spot, forward and swaps). "First and foremost our clients wanted the level of automation they now enjoy in front- and middle-office processes to be extended to the operations that support their activities -- the back office," says Harvey Reid, director of sales at Summit. "For that requirement to be satisfied, they needed a means of automatically generating trade documentation plus audit and tracking tools to monitor a trade throughout its lifecyle, and more flexible security controls."

Korea's Seoulbank has installed a real-time treasury trading and risk management system at its new Tokyo dealing room. The system, dubbed Spectrum, was developed by Financial Software Systems (FSS) of Pennsylvania.

Seoulbank will use Spectrum to manage the market and credit risks associated with its foreign exchange, money markets, fixed income and derivatives sales and trading businesses. Spectrum was one component in a suite of systems introduced by Seoulbank when it opened its Tokyo dealing room on June 3.

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