BNL Vita Selects SunGard’s FastVal for Independent Valuation of Complex Derivatives

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BNL Vita, an Italian banking insurance company that specializes in the life sector, has selected SunGard’s FastVal, an independent valuation service for vanilla and complex over-the-counter (OTC) derivatives, to independently value its client’s portfolios.

BNL Vita, an Italian banking insurance company that specializes in the life sector, has selected SunGard’s FastVal, an independent valuation service for vanilla and complex over-the-counter (OTC) derivatives, to independently value its client’s portfolios. FastVal 3.0, which is delivered on an ASP basis, will help BNL Vita increase its operational efficiency when valuing complex OTC derivatives. It will also help BNL Vita’s financial department to meet accounting, compliance and Italian regulatory requirements.

FastVal will provide BNL Vita with a flexible valuation service that can independently value derivative products and portfolios, helping it manage the increasing complexity of derivatives pricing. The solution will also help BNL Vita provide transparency of its valuations, with access to the data used in the valuation process. BNL Vita will then be able to independently price its OTC derivative portfolios without losing control of its pricing process.

Maurizio Pellicano, general manager of BNL Vita, commented: "BNL Vita’s financial department needed a single solution to reduce its operational risk while meeting regulatory requirements. We selected SunGard’s FastVal for its ease of implementation, coverage of OTC instruments, expertise in valuing complex derivatives, and its ability to allow us to adapt to change as the industry evolves.”

Gavin Lee, chief operating officer of SunGard’s FastVal’s business unit, said, “As regulatory requirements change there is an increased demand for transparency in the way portfolios are valued. FastVal will help BNL Vita gain greater transparency in the way they manage and value their portfolio risk and allow it to meet future regulatory requirements.”

About BNL Vita
BNL Vita (http://www.bnlvita.it) was established in 1987 as a bancassurance company belonging to the BNL Group. Jointly owned by Unipol Assicurazioni and Banca Nazionale del Lavoro from the year 2000 to 31 July 2007, each holding 50% of the capital, the company has been controlled since 1 August 2007 by Unipol Gruppo Finanziario, which has a 51% stake in the company whilst 49% is held by BNL-BNP Paribas.
BNL Vita provides traditional Life insurance services, capitalisation and unit- and index-linked policies through around 750 BNL counters. At the end of 2008 86 employees were on the company’s books.

About SunGard’s FastVal
FastVal is an ASP portfolio valuation service, accessed over the Internet that provides independent valuations for individual trades and holdings as well as entire portfolios. FastVal is powered by a proprietary pricing language that can describe any financial instrument based on cash flows, calendar events and boundary conditions. This helps FastVal to respond rapidly to developing markets and products and assimilate new instruments. FastVal uses both single and multi-factor models with a choice of numerical methods to price and structure derivatives in a wide range of asset classes. http://www.sungard.com/fastval/learnmore

About SunGard
SunGard is one of the world's leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue exceeding $5 billion, SunGard is ranked 380 on the Fortune 500 and is the largest privately held business software and IT services company. For more information, please visit SunGard at http://www.sungard.com.

Trademark Information: SunGard, the SunGard logo and FastVal are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.

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Toby West

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