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PRESS RELEASES
Contact: "LeeAnn" Chen 212-742-8677
MORGAN STANLEY DERIVATIVES TRADER JOINS SAVVYSOFT AS DIRECTOR OF PRODUCT DEVELOPMENT
NEW YORK, August 9, 1999 -- Savvysoft announced today that Stanley Choung, equity derivatives trader and Vice President with Morgan Stanley Dean Witter’s InstitutionalEquity Division, has joined the software firm as Director of Product Development. Choung will report directly to RichTanenbaum, Savvysoft’s founder.
For the last two and a half years, Choung has been a trader on Morgan Stanley’s Equity Derivatives Desk, where he wasresponsible for trading US-listed and OTC index derivatives. At Morgan Stanley, Choung was promoted to the position oftrader after joining the firm out of college as an associate in the firm’s Information Technology Division. In thetechnology division, Choung was instrumental in the design and development of a worldwide derivatives trade capture andprocessing system for hundreds of users. He was also responsible for the implementation of an automated Instinet tradeprocessing system, and the development of an integrated OTC trade confirmation system.
Choung graduated from the Dual-degree Management and Technology Program at the Wharton School of Business, University ofPennsylvania in 1992 with bachelor’s degrees in economics and mechanical engineering. In 1997, he received an MBA degreefrom New York University.
When asked why he left the fast-paced world of institutional trading for that of a software company, Stan remarked, "Thiswas an opportunity I could not refuse. I have always wanted to work in an unstructured, progressive, and entrepreneurialenvironment." He further remarked, "I have always been impressed with both Savvysoft and Rich Tanenbaum’s depth of OTCderivatives expertise. Savvysoft is a fast-growing derivatives software company that is on the cutting edge of derivativestechnology. I also look forward to working with Savvysoft’s clients which include some of the world’s leading derivativeshouses."
"We are excited that Stan has decided to joined Savvysoft," said Rich Tanenbaum, president of Savvysoft. "His experienceas an institutional derivatives trader and as a technologist will benefit Savvysoft and Savvysoft’s clients enormously."
Savvysoft
Savvysoft is a New York City-based provider of high-caliber OTC derivatives analytics, in addition to software thatfacilitates the integration of analytics into open third party systems, and software for tracking portfolios of OTCderivatives. Savvysoft’s analytical products handle OTC derivatives structures in many markets including: equities,interest rates, FX, commodities, credit, convertibles, MBS, electricity, and energy.
Savvysoft products are used by over 700 institutions in 15 countries worldwide. The institutions include top-tier banks,dealers, brokers, money managers, energy suppliers, corporate treasurers, auditors and consultants. Savvysoft was foundedby Rich Tanenbaum, an options pioneer and the head of Derivatives Research at Bankers Trust when the bank dominated theOTC derivatives market. Rich was a founding member of the first OTC derivatives desk on Wall Street.
Savvysoft is headquartered at 17 State Street, 4th Floor, New York, NY 10004 USA. Tel: 212-742-8677; Fax: 212-425-8677;Web: www.savvysoft.com
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