Milan (Vocus/PRWEB) February 17, 2011
Santander Private Banking S.p.A, the Italian private banking division of Santander Group, has selected SunGard’s FastVal, an independent valuation service for over-the-counter (OTC) derivatives. FastVal will help Santander Private Banking increase its operational efficiency when valuing its portfolios of non-liquid instruments. Its risk and compliance departments will use the solution to help meet the Consob requirements on the valuation of illiquid instruments and OTC derivatives.
FastVal will provide Santander Private Banking with an independent verification of valuations provided by its counterparties. The flexibility of the valuation service will help Santander Private Banking independently value non-liquid instruments, helping it to manage the increasing complexity of derivatives pricing. FastVal will also provide Santander Private Banking with transparency into its valuations, with the ability to drill down into data used in the valuation process to demonstrate how each specific valuation was determined.
Antonino Rao, IT manager at Santander Private Banking, said, "Our risk and compliance department needed a solution to help reduce operational risk and meet Consob regulatory requirements. We identified SunGard’s FastVal as the most suitable pricing solution for our clients' non-liquid instruments. We selected the solution for its ease of implementation, coverage of OTC instruments and flexibility in valuing complex derivatives, which will help us remain adaptable to changes in the industry.”
Gavin Lee, chief operating officer of SunGard’s FastVal business unit, said, “With banks’ increased focus on transparent and accurate risk management and reporting, we are seeing rising demand for independent pricing of OTC derivatives. FastVal will help Santander Private Banking gain greater clarity into the way it manages and calculates the risks associated with some of the most complex instruments in its portfolio.”
Santander Private Banking (SPB) is the wealth management business line of Grupo Santander: the fourth largest bank in the world by profits and eighth by stock market capitalization. In 2009, its net ordinary profits were over EUR 8.9 billion, 1% more than the previous year, and it distributed more than EUR 4.9 billion in dividends to shareholders.
Santander Private Banking offers exclusive unique and private service thought more than 120 specialized Private Banking offices of Grupo Santander in the U.S, Switzerland, Bahamas, Mexico, Chile, Switzerland, Italy, Portugal, United Kingdom and Spain. Santander Private Banking is organized by more than 2.350 professional completely committed to the protection and growth of client net worth, striving to develop exclusive investment strategies to help you achieve client financial goals.
FastVal is a 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. For more information, please visit http://www.sungard.com/fastval/learnmore
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 http://www.sungard.com
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