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PRESS RELEASES
Contact: "LeeAnn" Chen 212-742-8677
Savvysoft Launches Unprecedented New Website: www.FreeCreditDerivatives.com
NEW YORK, August 24, 1999 -- Savvysoft announced today the launch of www.freecreditderivatives.com, a new free website that provides thousands of market implied default rates for credit derivatives on a daily basis. www.freecreditderivatives.com will cover credit derivatives in a variety of industries including: Financials, Industrials, Banks, and Utilities. The site spans the full range of credit qualities from AAA down to BAA3. www.freecreditderivatives.com is the brainchild of Rich Tanenbaum, the founder of Savvysoft, and the former head of Derivatives Research at Bankers Trust.
Savvysoft updates the site daily at the close of the financial markets using closing prices of 2,500 corporate bonds and Savvysoft’s TOPS 2000 Credit, a credit derivatives valuation product. Frequent updates will follow should market conditions warrant. Data for www.freecreditderivatives.com is provided by a leading market data provider. The data is based on live broker quotes.
"www.freecreditderivatives.com is a goldmine of relevant information for anyone in the multi-trillion dollar corporate credit derivatives market," said Rich Tanenbaum. "The site will be an invaluable resource not just for credit derivatives traders and salespeople, but also for credit analysts, bank loan officers, rating agencies, equity analysts, risk managers, insurance companies, re-insurance companies, bond portfolio managers, and hedge fund managers. In short, anyone who needs an independent and timely measure of a company’s risk can go to www.freecreditderivatives.com to get it."
Beta users of the site had this to say: "With www.freecreditderivatives.com, Savvysoft has created a valuable tool for monitoring actual market assessments of default rates – both across the entire credit spectrum, and under a variety of different user-defined assumptions" remarked Drew Hanson, a trader from Compass Bank. Roman Igolnikov, the head of Deloitte & Touche’s financial instruments pricing center in New York, noted "It’s great to have an unbiased third party source for information that is essential to pricing credit derivatives. Now we don’t have to rely on our clients for that data, which was always a potential problem in an audit."
When asked why Savvysoft would offer such vital information for free, Tanenbaum replied "This represents the first part of Savvysoft’s overall Internet strategy. Over the next few months, we will be rolling out a series of products and services which will position Savvysoft as an e-commerce leader in the derivatives industry. As the first step, www.freecreditderivatives.com instantly establishes TOPS 2000 Credit as the market standard, while providing an important service to a very large number of market participants."
Savvysoft
Savvysoft is a New York City-based provider of high-caliber OTC derivatives analytics, derivatives integration software, software for tracking portfolios of OTC derivatives, and free market implied default rates. Savvysoft’s analytical products handle OTC derivatives structures in many markets including: equities, interest rates, FX, commodities, convertibles, MBS, electricity, energy, and credit. The company’s integration products facilitate the integration of analytics into any open third party system or in-house system.
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 founded by Rich Tanenbaum, an options pioneer and the head of Derivatives Research at Bankers Trust when the bank dominated the OTC derivatives market. Rich was a founding member of the first OTC derivatives desk on Wall Street.
Savvysoft's corporate headquarters are located in downtown New York City at 17 State Street, 4th Floor, New York, NY 10004 U.S.A. Tel: 212-742-8677; Fax: 212-425-8677; Web: www.savvysoft.com, www.freecreditderivatives.com
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