New York, NY (Vocus) March 2, 2009
Etihad Airways, the national airline of the United Arab Emirates, has chosen SunGard’s Kiodex Risk Workbench, a Web-based trading and risk management solution, to help manage its jet fuel hedging program. Etihad Airways’ treasury department will use Kiodex for scenario analysis, pricing, reporting, settlement and hedge accounting, and to assist with the execution of derivatives-based hedging transactions.
James Rigney, Etihad Airways’ executive vice president finance, said: “Etihad has been actively managing jet fuel price risk since early 2007 and had hedging levels of 75% and 80% in place for 2007 and 2008, respectively. Our hedging policy allows us to hedge up to three years forward on a rolling basis, and we continually review our hedging activities in consultation with our Board of Directors. Etihad needed a complete solution that will help us take our hedging activities to the next level and more effectively protect the company’s profitability and drive business growth. SunGard’s Kiodex provides a completely automated environment for trade execution and administration, risk management, hedge accounting, independent data, models and custom reporting in one solution that is easily and quickly implemented in a SaaS environment.”
Delivered as Software-as-a-Service* (SaaS) solution, SunGard’s Kiodex is a Web-based commodity trading and risk management solution that integrates trade capture, valuation models, risk measurement, financial reporting and independent market data. Kiodex’s SaaS delivery model provides an automated, Web-based environment that will help Etihad to simplify implementation, accelerate time-to-market and gain ongoing processing efficiencies, while requiring minimal IT support.
Ben Jackson, chief operating officer of SunGard’s Kiodex business unit, said, “With increased commodity price volatility, many corporations—including airlines that need to manage their risk and decision-making in fuel by locking in fuel prices—are launching or increasing their hedging activity due to the large pull back in energy prices. The success of SunGard’s Kiodex in the airline industry, and with Etihad as its first customer in the Middle East, demonstrates Kiodex’s ability to effectively price, capture and risk manage commodity instruments traded globally, while meeting time-to-market and cost reduction requirements as a SaaS solution.”
*SunGard Financial Systems is pursuing a visionary initiative to transform some of the key functionality of its core systems into components to form a new software development and on-demand delivery environment called Infinity. Infinity enables financial institutions to develop and deploy custom applications, integrating SunGard components with their own proprietary or third party components. Infinity uses SunGard's Common Services Architecture (CSA), a service-oriented architecture (SOA) development framework, offering business process management (BPM) and a virtualized, software-as-a-service (SaaS) infrastructure.
About Etihad Airways
Etihad Airways is the national airline of the United Arab Emirates based in the UAE’s capital, Abu Dhabi. Currently Etihad offers flights to 50 destinations in the Middle East, Europe, North America, Africa and Asia. For further details: Etihad Airways Corporate Communications: Tel: + 971 (0) 2 505 8317 / 8573 visit http://www.etihadmediacentre.com
About SunGard’s Kiodex
A Web-based trading and risk management solution for commodities traders, delivered on a Software-as-a-Service basis, Kiodex integrates deal capture and risk management capabilities with valuation models and independent market data. Traders, hedge funds and corporations with exposure to commodity prices use Kiodex to help measure risk, design optimal hedging strategies, improve price execution, and comply with accounting best practices. Visit SunGard's Kiodex at http://www.sungard.com/kiodex.
SunGard is one of the world’s leading software and IT services companies. SunGard serves more than 25,000 customers in more than 70 countries, including the world’s 25 largest financial services companies.
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 472 on the Fortune 500 and is the largest privately held business software and services company on the Forbes list of private businesses. Based on information compiled by Datamonitor*, SunGard is the third largest provider of business applications software after Oracle and SAP. Continuity, Insurance & Risk has recognized SunGard as service provider of the year an unprecedented five times. For more information, please visit SunGard at http://www.sungard.com.
*January 2009 Technology Vendors Financial Database Tracker http://www.datamonitor.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.
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