|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
"Cloud consumption is something we envision at Solgenia. That is trying to let the cloud spread to the user as a consumption, as utility computing. We want to allow the people to just pay for what they use, not a subscription model," explained Ermanno Bonifazi, CEO & Founder of Solgenia, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 2, 2015 07:00 AM EDT Reads: 3,615
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in San...
Jun. 2, 2015 06:15 AM EDT Reads: 2,724
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Jun. 2, 2015 06:15 AM EDT Reads: 743
"For the past 4 years we have been working mainly to export. For the last 3 or 4 years the main market was Russia. In the past year we have been working to expand our footprint in Europe and the United States," explained Andris Gailitis, CEO of DEAC, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 2, 2015 06:00 AM EDT Reads: 4,270
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 2, 2015 06:00 AM EDT Reads: 6,203
ThingsExpo New York is offering a limited time FREE "Expo Plus" registration option in New York. On site registration price of $1,95 will be set to 'free' for delegates who register during special offer. To take advantage of this opportunity, attendees can use the coupon code, and secure their registration to attend all keynotes, ThingsExpo sessions, expo floor, and SYS-CON.tv power panels. Special FREE registration givess access to all DevOps, Containers and Microservices sessions as well. Regi...
Jun. 2, 2015 06:00 AM EDT Reads: 840
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it!
Jun. 2, 2015 06:00 AM EDT Reads: 784
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
Jun. 2, 2015 05:45 AM EDT Reads: 4,243
"At Harbinger we do products as well as services. Our services are with helping companies move their products to the cloud operating systems. Some of the challenges we have seen as far as cloud adoption goes are in the cloud security space," noted Shrikant Pattathil, Executive Vice President at Harbinger Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 2, 2015 04:00 AM EDT Reads: 3,199
SYS-CON Events announced today that SUSE, a pioneer in open source software, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SUSE provides reliable, interoperable Linux, cloud infrastructure and storage solutions that give enterprises greater control and flexibility. More than 20 years of engineering excellence, exceptional service and an unrivaled partner ecosystem power the products and support that help ...
Jun. 2, 2015 03:30 AM EDT Reads: 1,117
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...
Jun. 2, 2015 03:30 AM EDT Reads: 4,363
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Jun. 2, 2015 03:30 AM EDT Reads: 1,952
The only place to be Nov 3-5 is Cloud Expo | @ThingsExpo | DevOps Summit 2015 West at the Santa Clara Convention Center in Santa Clara, CA. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT, Big Data and DevOps companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked...
Jun. 2, 2015 03:15 AM EDT Reads: 1,730
"Ulunsoft is a start-up that focuses on how enterprises build cloud-based IT infrastructure for business," explained Haibo Zhu, President of Ulunsoft Corp, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 2, 2015 03:15 AM EDT Reads: 2,378
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 2, 2015 03:00 AM EDT Reads: 6,335