|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
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
Mar. 27, 2017 10:30 AM EDT Reads: 2,969
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
Mar. 27, 2017 10:30 AM EDT Reads: 3,094
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Mar. 27, 2017 09:30 AM EDT Reads: 2,074
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Mar. 27, 2017 08:30 AM EDT Reads: 1,281
Building custom add-ons does not need to be limited to the ideas you see on a marketplace. In his session at 20th Cloud Expo, Sukhbir Dhillon, CEO and founder of Addteq, will go over some adventures they faced in developing integrations using Atlassian SDK and other technologies/platforms and how it has enabled development teams to experiment with newer paradigms like Serverless and newer features of Atlassian SDKs. In this presentation, you will be taken on a journey of Add-On and Integration ...
Mar. 27, 2017 08:15 AM EDT Reads: 3,132
There are 66 million network cameras capturing terabytes of data. How did factories in Japan improve physical security at the facilities and improve employee productivity? Edge Computing reduces possible kilobytes of data collected per second to only a few kilobytes of data transmitted to the public cloud every day. Data is aggregated and analyzed close to sensors so only intelligent results need to be transmitted to the cloud. Non-essential data is recycled to optimize storage.
Mar. 27, 2017 08:15 AM EDT Reads: 3,059
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 27, 2017 08:00 AM EDT Reads: 4,295
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Mar. 27, 2017 07:45 AM EDT Reads: 1,118
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership abi...
Mar. 27, 2017 05:00 AM EDT Reads: 11,117
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to transi...
Mar. 27, 2017 05:00 AM EDT Reads: 6,245
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.
Mar. 27, 2017 03:45 AM EDT Reads: 3,042
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Mar. 27, 2017 03:15 AM EDT Reads: 3,220
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Mar. 27, 2017 03:00 AM EDT Reads: 3,074
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you ...
Mar. 27, 2017 02:15 AM EDT Reads: 4,255
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 27, 2017 01:45 AM EDT Reads: 3,000