In order to cut operational costs, financial companies are increasingly looking to hosted offerings. Most of the companies are gradually searching for managed services solution as a way to address hardware maintenance costs and the growing pressure to reduce expenditures.

Société Générale recently went live on the ASP version of Summit FT, which is Misys' solution for cross-asset front-to-back trading comprising derivatives and structured products. With this, Société Générale has become first client in North America to go live with Summit FT ASP solution.

The Summit FT Software-as-a-Service (SaaS (News - Alert)) solution allows users to manage their system maintenance expenses. At the same time, users can continue to take advantage of the many features already available on the platform. Misys' Summit FT solution provides broad cross-asset coverage including OTC derivatives, fixed income, commodities, foreign exchange, equities and structured products. With this, global investment banking customers are able to manage the complexity of today's financial markets including central counterparty clearing.

In a press release, Rick Salk, Regional Director at Misys, said, “Transferring the risk and overhead associated with maintaining system operations to a third party enables organizations to shift their focus to core activities, including growing their business. With Summit FT SaaS, clients have access to all of the sophisticated features available in the installed version of Summit FT, along with their desired level of customization.”

Misys caters to more than 1,200 financial services customers, including all of the world's top 50 banks. The company’s integrated product gives their bank customers a flexible, fully-integrated solution, which combines the benefits of SMS, mobile Web and ClairMail's unique Smart Client application in one streamlined interface.

Misys was recently in the news when it achieved four top awards in the annual Structured Products magazine technology rankings. Misys achieved top position overall in trading systems, being voted the number one vendor in four categories: Cross-asset, Credit and Interest Rate in the Trading Systems category as well as for Collateral Management in the Risk Management category. The firm was also placed third overall having achieved top three positions in 11 out of the 18 categories, strengthening its overall position in this important industry survey.