Miami, FL (PRWEB) July 10, 2012
Carnival Corporation & plc, the largest cruise company in the world, has selected SunGard’s SaaS*-based Kiodex commodities risk management solution to help monitor and manage its fuel derivatives program.
Carnival Corporation & plc uses Kiodex to independently price and value its fuel derivative trades and positions, helping ensure pre-trade fair value and proper post-trade counterparty valuations. Kiodex helps the company produce reports in multiple formats, allowing them to more quickly distribute critical risk management information to decision makers.
Carnival Corporation & plc owns a portfolio of cruise brands in North America, Europe, Australia and Asia, comprised of Carnival Cruise Lines, Holland America Line, Princess Cruises, Seabourn, AIDA Cruises, Costa Cruises, Cunard, Ibero Cruises, P&O Cruises (Australia) and P&O Cruises (UK).
David Bernstein, senior vice president and chief financial officer, Carnival Corporation & plc, said, “We made a strategic decision to initiate a fuel derivatives program in order to mitigate a portion of our economic risk attributable to fuel price increases. SunGard’s Kiodex provides us with tools to properly value and report the program’s results in an efficient and timely manner. Because of Kiodex’s SaaS delivery model and their quantitative analysts, who monitor the various fuel curves, we were up and running very quickly and are benefiting from reduced costs associated with ongoing maintenance and IT support.”
Kirk Howell, chief operating officer for SunGard’s Kiodex business unit, said, “Volatility in fuel prices can significantly affect the bottom line of cruise lines and other transportation providers. SunGard’s Kiodex helps firms like Carnival Corporation & plc clearly understand the extent of their fuel exposures and take action to minimize them.”
- SunGard Financial Systems is transforming the way its software solutions are created and delivered to its customers. With the introduction of a new visionary, integrated technology blueprint, new delivery models are created and additional functionality embedded. Underlying technologies include a service-oriented architecture (SOA) development framework, a business process management platform (Infinity Process Platform) and a delivery platform to enable Software-as-a-Service (SaaS) based solutions.
About SunGard’s Kiodex
SunGard’s Kiodex is a Web-based commodities trading and risk management solution for banks, hedge funds and corporations with exposure to commodity prices. Customers use Kiodex to help measure risk, design optimal hedging strategies, improve price execution and comply with accounting best practices. Delivered on a Software-as-a-Service (SaaS) basis, Kiodex integrates deal capture and risk management capabilities with valuation models and independent market data. For more information, please visit SunGard's Kiodex at http://www.sungard.com/kiodex.
SunGard is one of the world’s leading software and technology services companies. SunGard has more than 17,000 employees and serves approximately 25,000 customers in more than 70 countries. SunGard provides software and processing solutions for financial services, 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 of about $4.5 billion, SunGard is the largest privately held software and services company and is ranked 480 on the Fortune 500. For more information, please visit http://www.sungard.com.
Trademark Information: SunGard, the SunGard logo and Kiodex 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.