Further reasons for the selection of SunGard's FastVal Analytics were its ease of scripting new structured products, its coverage of OTC instruments, and SunGard's expertise in measuring the market risk of complex derivatives.
(Vocus) November 9, 2010
Confederación Española de Cajas de Ahorros (CECA), the National Association of Spanish Savings Banks, is expanding its use of SunGard’s FastVal Analytics, a comprehensive suite of derivatives pricing models used by international financial institutions for derivatives pricing and structuring, risk management, model validation and benchmarking. The extended use of FastVal will help the association’s financial risk department price and manage complex interest rates and FX over the counter (OTC) products more efficiently.
FastVal Analytics has been integrated with SunGard’s Adaptiv risk management solution to provide CECA with a combination of valuation and risk analytics. The integrated solution will help CECA increase its operational efficiency when valuing complex OTC derivatives and analyzing risk scenarios
Alberto José Martín Muñoz, head of CECA’s Market Risk Platform, said, "CECA’s risk department needed an efficient solution to help reduce the operational risk posed by having a number of different pricing solutions. In addition, as CECA provides services to different savings banks, we needed to extend our product coverage to include complex instruments. By choosing a solution integrated within our market risk platform, we will be able to manage the market and counterparty risk of the whole portfolio within SunGard’s Adaptiv.”
Massimo Salerno, head of CECA’s Risk Services Center, added, “Further reasons for the selection of SunGard’s FastVal Analytics were its ease of scripting new structured products, its coverage of OTC instruments, and SunGard’s expertise in measuring the market risk of complex derivatives.”
Gavin Lee, chief operating officer of SunGard’s FastVal business unit, said, “Institutions require more transparent, efficient and integrated systems to manage increasing complexity. SunGard’s FastVal and Adaptiv will help satisfy CECA’s valuation, deal entry, risk management and regulatory reporting needs, helping CECA focus on its strategic goal of serving the interests of Spanish savings banks.”
The Spanish Confederation of Savings Banks (CECA) is the National Association of Spanish savings banks. CECA is also a credit institution with no specific limitation which provides the Savings Banks and other subjects who act in the market with very competitive products and services within the technological and financial area.
CECA’s strategic goal is to strengthen Spanish savings banks’ position among the most significant and highly valued institutions of the Spanish and international financial system, in terms of both financial activity and performance of their welfare duties.
The FastVal Analytics library is a comprehensive suite of derivatives pricing models used by banks, portfolio managers, fund administrators, structurers, market makers, collateral managers and treasurers at major corporations, for derivatives pricing and structuring, risk management, model validation and benchmarking. FastVal Analytics libraries are powered by a proprietary pricing language that simplifies the description of any financial instrument based on cash flows, calendar events and boundary conditions. This helps customers respond rapidly to developing markets and products and assimilate new instruments. FastVal Analytics library 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
SunGard’s Adaptiv provides enterprise-wide credit and market risk management and operations solutions for financial services institutions. Adaptiv assists institutions of varying size and complexity to deploy technology to meet both internal and regulatory requirements for risk management and operational control. Adaptiv helps financial services institutions from the banking, hedge fund, asset management, insurance and corporate sectors with our deep understanding of risk management and operational processes. Find out more at http://www.sungard.com/enterpriserisk
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