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BNL Vita Selects SunGard’s FastVal for Independent Valuation of Complex Derivatives

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BNL Vita, an Italian banking insurance company that specialises in the life sector, has selected SunGard’s FastVal, an independent valuation service for vanilla and complex over-the-counter (OTC) derivatives, to independently value its client’s portfolios. FastVal 3.0, which is delivered on an ASP basis, will help BNL Vita increase its operational efficiency when valuing complex OTC derivatives. It will also help BNL Vita’s financial department to meet accounting, compliance and Italian regulatory requirements.

FastVal will provide BNL Vita with a flexible valuation service that can independently value derivative products and portfolios, helping it manage the increasing complexity of derivatives pricing. The solution will also help BNL Vita provide transparency of its valuations, with access to the data used in the valuation process. BNL Vita will then be able to independently price its OTC derivative portfolios without losing control of its pricing process.

Maurizio Pellicano, general manager of BNL Vita, commented: “BNL Vita’s financial department needed a single solution to reduce its operational risk while meeting regulatory requirements. We selected SunGard’s FastVal for its ease of implementation, coverage of OTC instruments, expertise in valuing complex derivatives, and its ability to allow us to adapt to change as the industry evolves.”

Gavin Lee, chief operating officer of SunGard’s FastVal’s business unit, said, “As regulatory requirements change there is an increased demand for transparency in the way portfolios are valued. FastVal will help BNL Vita gain greater transparency in the way they manage and value their portfolio risk and allow it to meet future regulatory requirements.”

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