Numerix, a provider of advanced analytics for derivatives and structured products, announced today that China CITIC Bank a unit of China Citic Group, has deploy Numerix analytics via its Numerix 7 for Excel application for assessing and pricing complex financial instruments, as well as managing the risk exposures of these products.
“We selected Numerix because we value its wide range of asset-class-based analytic tools and models, as well as its ability to generate risk information,” says Pan Fengru, general manager of the market analysis department of CITIC.
CITIC will utilize Numerix 7 for Excel throughout the transaction process, enabling CITIC users to get the necessary information for risk management.
“We are pleased to work with CITIC in meeting their needs for assessment and risk management as they consolidate their market position and work across various asset categories,” says Steven R. O’Hanlon, Numerix president. “Pricing and assessing derivatives and structured products plays a pivotal part in product design, and we are confident about the critical role of Numerix analytics in that process.”
“The recent agreement with CITIC shows that financial institutions are reexamining the way they exercise proper risk control from front office to back office in order to maintain their competency in a market full of challenges,” said Mr. O’Hanlon. “This trend has driven global demand for the independent pricing and assessment of derivatives and structured products.”
Numerix established an office in Hong Kong in January 2008 to better serve its growing client base in the Northern Asia-Pacific region. Numerix was also named the 2008 “Technology Provider of the Year” in Asia by Structured Products magazine.
D.C.