|New Implementation of Massive Grid Computing Empowers Pricing Partners’ Valuation Service - Dec 09|
New Implementation of Massive Grid Computing Empowers Pricing Partners’ Valuation Service
Paris-London: Pricing Partners (www.pricingpartners.com), the independent valuation expert and a world leader in mathematical models and analytics for derivatives and structured products, announced today that its impressive pricing tool, Price-it® Valuation, is now empowered with massive grid computing to significantly accelerate the pricing speed for its flagship independent valuation service, Price-it® Online, delivered as a SaaS platform.
Price-it® Valuation retrieves all the related deals, generates valuation reports, and exports the entire information containing deals and market data to a massive grid. The program interacts with Pricing Partners’ main solutions such as Price-it® Online and the Price-it® Library commercialized in Price-it® Excel. The embedded grid computing technology is designed to optimize pricing time performance. Hence, the valuation computing time is remarkably increased to 500 deals per minute.
By integrating grid computing technology into the Price-it® Valuation tool, Price-it® Online dramatically improves the usability to eliminate time-out interruption, speeds up the valuation report generation and guarantees the pricing process as each step is performed under Pricing Partners’ internal secured network. Price-it® Online users are able to simultaneously price multiple deals or execute various simulations, and therefore benefit from a substantially reduced workload.
Mr. Kodjo Klouvi, Quantitative Computer Engineer at Pricing Partners commented, “By focusing on the features most commonly used in grid computing, we obtain optimal utilization of the underlying infrastructure. The valuation of our clients’ derivative portfolios is much faster. The grid computing technique allows Pricing Partners to offer our clients high quality services.”
Mr. Eric Benhamou, CEO of Pricing Partners, added: “The massive grid computing techniques allow us to make another step towards a large industrial framework and to position Pricing Partners a leader in the independent valuation service space. With this upgrade, we can now serve the whole industry in terms of valuation transparency and price discovery.”
Founded by former professionals of the trading floor, working in investment banks like Goldman Sachs, Société Générale, Natixis or HSBC, Pricing Partners has become a major player in the financial derivatives fields in the past two years. In October 2008, Pricing Partners launched its Internet independent valuation platform, Price-it® Online, which affirms its leading place in financial modeling as well as an independent valuations provider. Designed for all major assets like Interest Rates, Equity, Inflation, Credit, Foreign Exchange, Commodities, and Life Insurance to Hybrid products, Price-it® comes either as a software tools or an Internet Platform, providing all the tools for the transparent valuation on structured products. Price-it® online uses cutting edge mathematical models together with a new language to describe the complexity of any structured products.
About Pricing Partners
Set up by former professionals of the trading industry, Pricing Partners offers accurate solutions for derivatives products valuation, pricing tools and risk analytics. Thanks to Price-it® online, a SaaS platform, Pricing Partners provides independent valuation from the vanilla to the most exotic financial products on most assets (Interest Rates, Fixed Income, Equity, Inflation, Credit, Foreign Exchange, Commodities, Life Insurance and Hybrid products). Pricing Partners develops and commercializes Price-it® Excel, an analytic and independent pricing library using a generic payoff language description which allows the pricing of virtually any financial derivatives. Price-it® also supports VaR, CVaR and the most common risk management tools. Pricing Partners is the only company completely mastering the chain of valuation, developing both its own pricing library and a valuation platform, which give its clients very accurate and reliable valuation as a result of its intrinsic knowledge of the pricing tools. Pricing Partners solutions can be used by investment banks, buy side firms, hedge funds, financial departments, trading rooms and audit firms.
Pricing Partners has also signed numerous partnerships to distribute its technology with leading institutions like NYSE Euronext (for its independent valuation service via Prime Source), Misys (for its pricing library integrated into Summit), CMA or Lexifi. It is a Microsoft IDEES partner, an IBM, Sun, Datasynapse and ActiveEon partner. Furthermore, it is a member of the grid research consortium GCPMF uniting BNP Paribas, Calyon, Ecole Centrale, EDF, ENPC, INRIA, Natixis, Misys, Pars VI University and Supelec and a global coordinator of the Credinext consortium, in collaboration with Prime Source, Lunalogic, Ecole Polytechnique, ENPC, University of Marne La Vallée and INRIA.
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