Skandinaviska Enskilda Banken (SEB), one of Europe’s leading banks, has extended its relationship with SunGard’s FastVal, an independent valuation service for vanilla and complex over-the-counter (OTC) derivatives. SEB’s prime services offering will now broaden its instrument type coverage through its use of FastVal, when offering its clients an outsourced service for the valuation and risk management of their financial instrument portfolios.
SEB is a long-standing customer of SunGard FastVal, using the analytics solution to price structured derivative products, for internal validation. Since 2007, SEB has also offered independent valuations and risk sensitivities as part of its prime services offering to its clients, which include fund companies, smaller banks, life insurance companies and pension funds. SEB selected FastVal because of its robust valuation service and extensive instrument coverage of complex OTC derivatives across all asset classes. In addition, FastVal’s proven track record in providing SEB with accurate and reliable independent valuations factored into the bank’s decision to extend its use of the solution. FastVal will help SEB’s clients gain transparency into the modelling techniques and data used in the valuation process of their non-liquid instruments.
Jonas Hedlund, head of prime collateral services at SEB, said, “During our many years using SunGard’s FastVal, we have always had a positive experience with both the solution itself and the FastVal team. When the need arose to offer an outsourced independent valuation service for structured derivatives to our clients, FastVal was the natural choice, complementing the current service we have in place.”
Gavin Lee, chief operating officer of SunGard’s FastVal business unit, said, “This expansion of our services to SEB is an example of our commitment to meeting the changing needs of our customers, and has further strengthened our relationship with the bank. The flexibility of FastVal and the reliability of our data will help ensure that SEB offers a high quality service to its clients.”