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PRESS RELEASES
Contact: "LeeAnn" Chen 212-742-8677
SAVVYSOFT STARS BREAKS BOUNDARIES OF ENTERPRISE-WIDE RISK MANAGEMENT SOFTWARE WITH FIRST SYSTEM THAT CAN BE DYNAMICALLY RESTRUCTURED AND EXPANDED ON-THE-FLY
Innovative SmartSpecs technology allows clients to rapidly redefine system for new markets, handle any derivative instrument, use any mathematical model and integrate with any data provider with just a few mouse clicks
New York, June 17, 2003 -- Savvysoft, the leading provider of OTC derivatives software, announced today at the SIA Technology Management Conference (Booth #1314) the launch of STARS, Savvysoft Trading And Risk System. Savvysoft STARS is a new front- and middle-office credit derivatives system featuring Savvysoft’s exclusive SmartSpecs Technology. SmartSpecs provides clients with unparalleled capability to reconfigure the system to accommodate derivatives from new markets using a simple but remarkably powerful point-and-click interface. Instruments may be other derivative structures from the credit derivatives market or from any other derivatives market. Once clients specify the parameters of a derivative, their desired mathematical model, and a data vendor, STARS automatically reconfigures itself to recognize and accept the client’s newly introduced instrument. No arcane programming is required, and what takes weeks or months in other “static” systems, if it can be done at all, can now be done in minutes with Savvysoft STARS.
“STARS represents a quantum leap forward in derivatives technology,” said Rich Tanenbaum, founder of Savvysoft and the former head of Derivatives Research at Bankers Trust (now Deutsche Bank). “After 30 years of seeing how others have built derivatives systems, we decided it was time to put one together ourselves that could handle all the instruments that trade today, and all the instruments that will be invented in the future. We also wanted to make sure any third party models, those of Savvysoft’s or anyone else’s, could go into the system on equal footing. I’m proud to say we’ve accomplished that in a system that takes configurability to its logical conclusion.”
Savvysoft STARS ships with the full range of credit derivatives structures out-of-the-box. There’s no limit on the number of new instruments which can be added to Savvysoft STARS, and no limit on which markets these instruments are from. Clients simply provide a name for the new derivative instrument, and enter a list of attributes, such as maturity, price, etc. Savvysoft STARS clients can quickly ”SmartSpec” the system to include any type of derivative with no programming effort.
Savvysoft STARS is platform independent, database independent, and available immediately.
SmartSpecs technology allows clients to dynamically define mathematical models
Savvysoft STARS is platform independent, database independent, and available immediately.
Savvysoft STARS SmartSpecs provides clients with the power to choose which models to use for:
o security pricing
o calculation of sensitivities
o calibration (for the generation of implied default probabilities, yield curves, volatility surfaces, etc.)
o portfolio aggregation (calculation of portfolio summary statistics such as total value, spread sensitivity, average duration, etc.)
o scenario generation
o conversion of external data into the Savvysoft STARS database
STARS accepts data from any vendor
Clients choose the data that they want from the vendor that they want using the SmartSpecs interface. This allows clients to easily set up Savvysoft STARS to accept data feeds from any vendor.
Powerful VaR Analysis
Savvysoft STARS can price portfolios under user-defined scenarios at either a single point in time or multiple points in time. What-if scenarios can be generated by:
o stress tests (such as credit spreads or rates up or down 1%)
o Monte Carlo (market rates move according to correlated random shifts)
o Historical (market rates move according to observed historical shifts)
What makes STARS truly unique is that every type of shift is done according to the model provided by the user.
Flexible limits
Limit checking and reporting can be defined in any way by the client, based on any calculated value, taking full advantage of SmartSpecs’ dynamic model feature. Clients may also block trade execution based on defined limits.
STARS is fully secure
Savvysoft STARS features a fully secure system for preventing unauthorized access, giving administrators an unparalleled level of control over exactly who can do what to which component of the system. In addition to maintaining a full audit trail of any changes to its database, Savvysoft STARS ensures that only certain users can:
o enter specific areas of the system
o write to specific tables
o execute trades for pre-defined instruments based on complex rules
o edit instruments, portfolios, market data, limits, stress tests, and more
About Savvysoft
Savvysoft is a New York City-based provider of high-caliber OTC derivatives analytics, software for tracking portfolios of OTC derivatives, and market implied corporate default rates. Savvysoft’s analytical products handle OTC derivatives in many markets including: equities, interest rates, FX, commodities, convertibles, MBS, electricity, energy, and credit. Savvysoft has nearly 3000 users 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, the former head of Derivatives Research at Bankers Trust (now Deutsche Bank). Savvysoft's corporate headquarters are located 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, www.FutureDefaults.com.
All product names referenced herein are trademarks of their respective companies.
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