Misys, a UK-based developer of software solutions for financial services industry, has signed a partnership with Triple Point Technology, a US-based developer of commodities management solutions, to extend the coverage of Misys Summit FT to include commodities.

Misys Summit FT’s cross-asset coverage already includes OTC derivatives, fixed income, FX, equity and structured products.

Through the partnership, Misys and Triple Point have jointly developed additional functionality within Misys Summit FT to include a wide coverage of commodities, completing Misys’ full cross-asset strategy.

Misys Summit will leverage the underlying technology within Triple Point’s products and provide advanced commodity capabilities as standard within Summit. The solution will provide extensive coverage of commodities including energy, agriculture and metals, managing all derivatives, forwards, options and underlyings, according to Misys.

Dan Cohen, solution manager for Misys Summit, said: “A vast majority of our Summit customers want to expand their use of our solution so that they can rationalize systems and costs and further reduce risk with a greater cross-asset view of positions.

“Our partnership with the commodities experts from Triple Point significantly enhances our ability to provide full cross-asset coverage to our customers. Through this new Summit solution, middle and back-office users of Summit will get a full cross-asset view of positions and transactions including commodities. We can now enable our customers to benefit from best of breed functionality and the cost savings that are possible by moving all asset classes to Summit.”

Dilip Daswani, vice president for corporate development at Triple Point, said: “We are delighted to be working with such a widely recognized solution provider. The combination of our advanced solutions, commodities expertise and Misys’ broad coverage will guarantee the industry a best-of-breed solution with true cross-asset functionality.”