|ICBC Asia Moved to Pricing Partners’ Derivatives Pricing Analytics to Enhance its Flow Derivatives Activities - May 2011|
Pricing Partners, the world leader in OTC derivatives pricing analytics, mathematical models and independent valuations, announced today that Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)”), the flagship of Hong Kong banking business of Industrial and Commercial Bank of China Limited, the world tier 1 bank, selected Pricing Partners’ derivatives analytics, Price-it Excel to enhance its flow derivatives desks activities. The agreement was signed through its regional distribution partner Belatos.
ICBC (Asia) requires an extremely accurate and versatile derivatives pricing tool for its traders. After several tests on various instruments, Pricing Partners’ proprietary financial library, Price-it Excel, has proven its unrivalled accuracy on the calibration methods and models, user-friendly interface, highly transparent software design and efficient support services.
“Besides being a fast and accurate pricer, the intuitive design of Price-it Excel enables us to develop pricing templates of almost any innovative cross-asset structured products in a flash of a minute,” states Nicky Mak, Flow Derivatives Desk Head of Global Markets & Trading in ICBC (Asia). “Without relying on any programming script, it makes the templates we build easier to be understood by the supervisory departments and regulators and hence smoothening the product approval process.”
Eric Benhamou, CEO of Pricing Partners added: “We are very happy to have ICBC (Asia), the world leading bank, as one of our flagship references. This signature is a strong sign of the high quality of our software and services, as well as a milestone in Asia for Pricing Partners. We are very thankful and proud of the trust of ICBC (Asia). We are looking forward to working very closely with ICBC (Asia).”
About Industrial and Commercial Bank of China (Asia) Limited
Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)”) is a licensed bank incorporated in Hong Kong. It has 46 branches, 11 “Elite Club” Wealth Management Centres and 4 commercial business centres in Hong Kong. It is principally engaged in banking, financial and other financial related services with focus on retail banking, commercial banking as well as corporate banking business.
Chinese Mercantile Bank and ICBC (Asia) Investment Management Company Limited, the wholly-owned subsidiaries of ICBC (Asia), are specialized in the RMB services in Mainland China and the investment management businesses with a focus on Asia respectively. ICBC (Asia) is the flagship of Hong Kong banking business of Industrial and Commercial Bank of China Limited, the largest commercial bank in Mainland China (in terms of total assets).
On 5 May 2010, Fitch Ratings assigned ‘1’ Support Rating and ‘C’ Individual Rating to ICBC (Asia). On 7 May 2010, ICBC (Asia) was assigned A2/Prime-1 long-term/short-term deposit ratings and C- Bank Financial Strength Rating (BFSR) by Moody’s Investors Service while the outlook on all ratings is stable.
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 with full transparency.
Pricing Partners delivers:
Pricing Partners offers cover commodity, credit, equity, fixed income, fx, funds, inflation, interest rates, life insurance and hybrids OTC products. They are widely adopted by investment banks, asset management firms, hedge funds, corporations, pension funds, fund administrators and audit firms.
Pricing Partners holds offices in Paris, London, Singapore and Hong Kong. Its solutions have been ranked number 1 in Pricing and Analytics by Structured Products Magazine in 2010.
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