Italian bank La Banca di Credito Cooperativo (BCC) di Roma has selected SunGard’s OTC derivatives valuation service, Reech FastVal, for the valuation of its structured products.
According to SunGard, the bank has chosen to use the service on an application service provider (ASP) basis to keep costs down and speed up implementation. The vendor says that the system will allow BCC di Roma’s derivatives users to compute the fair value of portfolios containing most financial products, including vanilla cash products, complex exotics and hybrid structures.
Rossano Giuppa, risk management director at BCC di Roma, explains: “BCC di Roma’s financial department decided to find an independent provider to value its structured products, in accordance with industry best practices. We selected SunGard’s Reech for its high quality results, quantitative expertise and sophistication. Reech will also help us remain flexible as our industry develops and the products we trade evolve.”
Gavin Lee, chief operating officer of SunGard’s Reech business unit, adds: “BCC di Roma was looking for a transparent solution that could handle a broad range of asset classes, including interest rate, credit, foreign exchange, equity and inflation-linked products. SunGard’s Reech FastVal, which uses SunGard proprietary models and independent market data collated and constructed from several reliable data sources, provides BCC di Roma with a cost-effective, long term technology solution.”