|By Marketwired .||
|April 3, 2014 03:03 AM EDT||
SAN FRANCISCO, CA -- (Marketwired) -- 04/03/14 -- Recommind, a leader in information intelligence, today launched Perceptiv Derivatives Contract Analysis, the world's first SaaS platform to provide investment banks with complete and trusted data from their Over-the-Counter (OTC) International Swaps and Derivatives Association (ISDA) agreements.
Perceptiv Derivatives Contract Analysis sifts thousands of counterparty agreements to identify the data traders need to drive profits, including eligible collateral, interest rates, termination events, netting, thresholds and independent amounts. This data gives banks insight into legacy agreements and new client documentation, providing a single trusted "golden source" of information for front office, collateral management, treasury and credit risk. It also eliminates error-prone manual processes that can lead to substantial losses. For example:
- Collateral managers get the data they need for collateral optimization
- The front office price trades more competitively
- Treasury and credit officers have a better understanding of liquidity and the exposures that regulations such as Dodd-Frank, EMIR, and Basel III increasingly require.
The application can quickly process volumes of contracts that would take months using traditional methods, eliminating human error and ensuring accurate results. Tier-one financial institutions are using Perceptiv Derivatives Contract Analysis to process tens of thousands of legacy credit support annex (CSA) and ISDA master agreements.
"With the immediate risk of financial Armageddon having receded and the global economy showing signs of recovery, the next 24 months is likely to see the financial services industry assimilate post-crisis reforms into business as usual processes," said Katelyn Brown, Partner, Deloitte MCS Limited. "This will mean an increased focus on data quality and the extraction of terms from counterparty agreements -- an area where the industry needs to improve its assurance and understand the opportunities automation can bring to the process."
Perceptiv Derivatives Contract Analysis manages the following processes for ISDA Agreements:
- Document upload via a secure connection
- Checking and completing of document metadata
- Automatic collation of original contracts and amendments -- creating the chronology extraction of key terms into high extensible data models where the data is structured and normalized
- Review and completion of data via a workflow-driven interface
- Export of the enriched data to the customer's downstream systems.
Once data has been collected, the software's interface makes searching and reviewing content easy and efficient.
"Due to increased regulatory demands and the huge growth in information, understanding what data an organization holds is increasingly important. The banking sector is not unlike any other regulated industry, and as banks gear up for an even more stringent regulatory landscape, including Dodd-Frank, Basel III and other regulations, understanding the costs of collateral and optimizing capital allocation in an extremely competitive environment is a strategic imperative," said Jason Williams, Director, Legal, Deutsche Bank, A.G.
According to the Bank for International Settlements' triennial central bank survey (June 2013), the notional amounts outstanding in the OTC derivatives markets stood at $693 trillion. At the end of the 2013, the gross market value of OTC derivatives, which is the cost of replacing all outstanding contracts at current market prices, stood at $20 trillion.
"Investment banks now hold more OTC contracts than at any time in history, and managing them is harder than ever," said Bob Tennant, CEO, Recommind. "We are aware of cases where banks have lost between $5 million and $25 million in a single trade after using the wrong interest rates, posting the wrong type of collateral or being arbitraged by counterparties. Perceptiv Derivatives Contract Analysis helps banks to mitigate this kind of risk and allows them to optimize collateral management. It will quickly become the optimal way to analyze OTC contracts."
Recommind is a leader in information intelligence, delivering breakthrough software applications that harness the power of information to solve concrete business problems. Recommind customers include AstraZeneca, BMW, Cisco, Clifford Chance, Marathon Oil, Morgan Lewis, the U.S. Securities and Exchange Commission (SEC), Swiss Re, the U.S. Department of Energy (DOE), White & Case and WilmerHale. Recommind is headquartered in San Francisco and has offices in New York, Boston, London, Sydney and Bonn, Germany. For more information go to www.recommind.com.
For more information:
Email: [email protected]
Call: +1 415 394 7899
UK: +44 8707 347 232
DE: +49 2226 159 660
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
Sep. 5, 2015 07:15 AM EDT Reads: 1,646
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
Sep. 5, 2015 07:15 AM EDT Reads: 150
Even though you are running an agile development process, that doesn’t necessarily mean that your performance testing is being conducted in a truly agile way. Saving performance testing for a “final sprint” before release still treats it like a waterfall development step, with all the cost and risk that comes with that. In this post, we will show you how to make load testing happen early and often by putting SLAs on the agile task board.
Sep. 5, 2015 07:00 AM EDT
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Sep. 5, 2015 07:00 AM EDT Reads: 445
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Sep. 5, 2015 07:00 AM EDT Reads: 518
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, will discuss how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the ...
Sep. 5, 2015 07:00 AM EDT Reads: 123
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
Sep. 5, 2015 06:45 AM EDT Reads: 552
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
Sep. 5, 2015 06:30 AM EDT Reads: 1,727
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
Sep. 5, 2015 06:00 AM EDT Reads: 148
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Sep. 5, 2015 06:00 AM EDT Reads: 146
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
Sep. 5, 2015 05:00 AM EDT Reads: 299
ElasticBox, the agile application delivery manager, announced freely available public boxes for the DevOps community. ElasticBox works with enterprises to help them deploy any application to any cloud. Public boxes are curated reference boxes that represent some of the most popular applications and tools for orchestrating deployments at scale. Boxes are an adaptive way to represent reusable infrastructure as components of code. Boxes contain scripts, variables, and metadata to automate proces...
Sep. 5, 2015 04:30 AM EDT Reads: 158
To assist customers with legacy Windows Server 2003 that is no longer supported by Microsoft, Racemi has introduced fixed price packages for upgrading and migrating Windows Server 2003 servers to either Windows 2008 R2 or Windows 2012 R2 and the choice of Amazon Web Services (AWS) or SoftLayer cloud. "We're extending a lifeline by upgrading the legacy servers to more modern Windows Server platforms while taking advantage of cloud computing," said James Strayer, vice president of product managem...
Sep. 5, 2015 03:30 AM EDT Reads: 124
To support developers and operations professionals in their push to implement DevOps principles for their infrastructure environments, ProfitBricks, a provider of cloud infrastructure, is adding support for DevOps tools Ansible and Chef. Ansible is a platform for configuring and managing data center infrastructure that combines multi-node software deployment, ad hoc task execution, and configuration management, and is used by DevOps professionals as they use its playbooks functionality to autom...
Sep. 5, 2015 03:00 AM EDT Reads: 159
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
Sep. 5, 2015 02:00 AM EDT Reads: 468