Kalahari, a global provider of real-time price discovery and analytic solutions to financial and energy trading institutions, announced Monday that Bayerische Hypo-und Vereinsbank (HVB) has signed an agreement to deploy kACE, the pricing, calculation and analysis tool for global traders, to price interest rate and foreign exchange swaps in London.
HVB, a member of UniCredit Group, is the second largest private bank in Germany with 5 percent market share, 680 branches and more than 4 million customers, a news release said. It is a member of UniCredit Group which holds the leading position in the economic hub of Italy, Germany, Austria and Central and Eastern Europe with 7,000 branches and more 28 million customers.
“We are committed to implementing tools that are sufficiently adaptable to keep up with the demands of our traders and the markets,” an HVB spokesman said. “We are confident that kACE will enrich our existing operations.”
kACE will provide HVBs interest rate and foreign exchange swaps desk with the flexibility to test “what if” scenarios quickly and easily. Functions that have been previously created through internal systems and spreadsheets, such as Excel, will now be provided within the kACE environment. The flexibility of kACE means that the traders may respond instantly to any changes in market methodologies or conventions.
“kACE is achieving real momentum amongst Europes leading banks,” said Mark Holden, sales director EMEA, of Kalahari. “We are delighted to be selected by HVB and look forward to working with an ever-increasing number of best-practice banks supporting their traders in different market sectors.”