AUSTIN, Texas, May 8 /PRNewswire/ -- SciComp Inc., a leading provider of automated derivatives pricing technology, announced today that ABN AMRO, a prominent international banking group, has purchased licenses for the SciFinance® and SciXL(TM) software products. ABN AMRO will use codes generated by SciFinance to rapidly prototype equity derivative instruments.
SciFinance automatically generates custom code from concise specifications of derivative structures -- pricing without programming. The software decreases the turnaround time for derivative model prototyping and allows analysts to easily explore and refine new algorithms and complex options. The SciXL option automatically integrates SciFinance-produced pricing models into Microsoft® Excel spreadsheets.
``We are confident that SciFinance will streamline our workflow for prototyping derivative pricing models,'' said Andrew Greaves, Managing Director at ABN AMRO. ``We will use SciXL to run models in Excel without extra programming steps. Together, SciFinance and SciXL will reduce the time and cost involved with new model development,'' Greaves added.
``The SciFinance software system crunches out code at an amazing rate. The code is consistent and well documented,'' said Jason Zhao, quantitative analyst with ABN AMRO. ``With the SciXL option, we'll be able to quickly view our models in spreadsheet form,'' Zhao added.
SciFinance enables financial analysts to automatically generate complex option pricing codes without manual programming. This technology produces codes which often run faster and are more accurate than traditional methods. SciXL is an easy-to-use tool for integrating the SciFinance-generated pricing codes into Microsoft Excel. SciXL automatically builds Excel add-in programs and custom spreadsheets for the pricing codes, allowing analysts to immediately experiment with their models.
Elaine Kant, SciComp's founder and president, said, ``SciXL is an important addition to the SciFinance product line. Our customers can now easily integrate SciFinance-generated code into their spreadsheets without programming, allowing analysts, traders and IT integrators to all see the models in a familiar spreadsheet interface.''
About SciComp Inc.
As the recognized leader in software synthesis, SciComp provides automated pricing technology to the financial services industry. SciComp's products are used by some of the world's largest investment banks to decrease the turnaround time for derivative model development. Visit www.scicomp.com or call 512-451-1050 for more information.
About ABN AMRO
ABN AMRO is one of the world's largest banks with total assets of more than USD 500 billion and more than 3,500 locations in 70 countries and territories. Its activities are grouped into three strategic business units: Wholesale Clients, which provides integrated corporate and investment banking services to corporate, financial institutions and public clients worldwide; Consumer & Commercial Clients, which focuses on retail and SME clients in a number of core markets; and Private Clients & Asset Management, which focuses on private banking and fund management clients globally.
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