Press Releases
La Banca di Credito Cooperativo di Roma Selects SunGard’s Reech FastVal for Independent Valuation
July 29, 2008 — Rome, Italy
La Banca di Credito Cooperativo di Roma (BCC di Roma) has selected SunGard’s Reech FastVal, an OTC derivatives valuation service, for the valuation of its structured products. Reech will help BCC di Roma’s derivatives users to compute the fair value of portfolios containing virtually any financial product, from vanilla cash products to complex exotics and hybrid structures. Delivered on an ASP (application service provider) basis, Reech FastVal will help BCC di Roma to keep entry and support costs low, while maximizing implementation speed (www.sungard.com/reech).
Rossano Giuppa, risk management director at BCC di Roma SpA, said, “BCC di Roma’s financial department decided to find an independent provider to value its structured products, in accordance with industry best practices. We selected SunGard’s Reech for its high quality results, quantitative expertise and sophistication. Reech will also help us remain flexible as our industry develops and the products we trade evolve.”
Gavin Lee, chief operating officer of SunGard’s Reech business unit, said, “BCC di Roma was looking for a transparent solution that could handle a broad range of asset classes, including interest rate, credit, foreign exchange, equity and inflation-linked products. SunGard’s Reech FastVal, which uses SunGard proprietary models and independent market data collated and constructed from several reliable data sources, provides BCC di Roma with a cost-effective, long-term technology solution.”
About BCC di Roma
La Banca di Credito Cooperativo di Roma mainly operates in the Lazio and Aquila regions through its network of 116 local branches and 32 dedicated treasury desks. With 18,600 shareholders, 6.3 billion Euros of managed assets and a capital of 500 million Euros, BCC di Roma is one of the major banks within the BCC confederation network made of 442 independent local banks. BCC di Roma is also associated with the Lazio, Umbria and Sardinia confederation of banks that account for 26 regional banks located in the three mentioned areas.
About SunGard’s Reech
SunGard’s Reech provides independent portfolio valuation for derivatives and structured products, pricing and risk management. Reech is used by banks and brokerages, hedge funds, corporates and central banks to determine the value and risk parameters for a variety of products, from simple swaps to highly structured and exotic derivatives for asset classes including equity, fixed income, foreign exchange and credit.Reech FastVal is the independent OTC derivatives valuation service. It is available on an ASP basis, utilizing proprietary models and independent market data, collated and constructed from several reliable data sources. ReechRiskHedge is the risk management service for the hedge fund market, using independent data and delivered via an ASP interface.
About SunGard
With annual revenue of $5 billion, SunGard is a global leader in software and processing solutions for financial services, higher education and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world’s 50 largest financial services companies. Visit SunGard at www.sungard.com.
Trademark Information: SunGard, the SunGard logo and Reech are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.