Austin, TX (PRWEB) November 5, 2004
SciComp Inc. has been issued U.S. patent number 6,772,136 for its SciFinanceÂ® software synthesis technology for financial instrument modeling using Monte Carlo simulations. This patent is in addition to a patent awarded to SciComp for the same problem solving environment, but using systems of partial differential equations.
"We're pleased to be granted this second patent for SciFinance" said Curt Randall, Executive Vice President of SciComp. "It underscores the uniqueness of SciFinance in the financial software marketplace. As more and more banks, hedge funds and other financial firms choose SciFinance as their modeling solution, our continued focus will be in helping them reduce development and market response time for developing exotic derivatives products."
SciComp's flagship product, SciFinance, applies both methods to the pricing of financial derivatives. The product automatically transforms a problem description into executable software code. Over the last ten years, SciFinance has been adopted by some of the world's leading investment banks to quickly prototype and validate option pricing models, as well as to generate production codes.
With SciFinance, users provide a natural description of the financial and mathematical features of their problem, optionally including solution strategies, using a concise and easy-to-learn specification language called ASPEN (Algorithm Specification Notation). From a brief ASPEN specification (typically a half page or less), the system generates thousands of lines of source code.
SciFinance-generated source code is efficient and well documented. It runs independently of SciFinance, either in standalone mode or embedded in the user's spreadsheets or trading environment. An optional component product, SciXLTM, automatically generates MicrosoftÂ® Excel spreadsheets and add-in programs for the source code that SciFinance produces, enabling users to immediately experiment with their pricing models.
Visit the website of the U.S. Patent & Trademark Office (http://www.uspto.gov) for additional information about the SciFinance patent (number 6,772,136).
About SciComp Inc.
As the recognized leader in software synthesis, SciComp provides automated pricing technology to the financial services industry. SciCompÂs products are used by some of the worldÂs largest investment banks to decrease the turnaround time for derivative model development. Visit http://www.scicomp.com or call 512-451-1050 for more information.
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