Monday September 13, 3:37 pm Eastern
Time
Company Press Release
SOURCE: SciComp Inc.
Bear, Stearns Securities Corporation Selects SciComp's
Derivative Pricing Software
AUSTIN, Texas, Sept. 13 /PRNewswire/ -- SciComp Inc., a
software company focused on providing synthesis tools for the
financial services industry, today announced that Bear, Stearns
Securities Corporation, a wholly-owned subsidiary of Bear,
Stearns & Co., Inc., and a global leader in prime brokerage
services for hedge funds and other professional trading
organizations, has licensed SciFinance(TM) 1.1, a derivatives-pricing
software package for quantitative analysts.
Bear, Stearns Securities Corporation (BSSC) purchased a multi-year
license for SciFinance in August 1999 after a significant testing
period. Financial terms of the deal were not disclosed. Beginning
in August of 1999, BSSC will deploy SciFinance in its Risk
Control department.
SciComp's software synthesis technology automatically
generates custom computer programs from concise specifications of
derivative structures -- pricing without programming. This
technology produces robust finite difference codes, which often
run faster and are more accurate than traditional methods.
Elaine Kant, SciComp's founder and president, said, ``SciFinance
will bring value to BSSC because it reduces the time needed to
price complex derivative structures. As a global leader in prime
brokerage services, BSSC will offer invaluable feedback for
SciComp.''
BSSC will use SciFinance's generated code to value and measure
the risk of derivative securities. SciFinance will enable BSSC to
decrease the turnaround time for derivative model prototyping,
said Christopher Engdall, Senior Managing Director of Risk
Control in Bear, Stearns Securities Corporation. ``We are
confident that SciFinance will significantly enhance our risk
management systems,'' Engdall said. ``Our experience with the
services of SciComp during the bench-marking process has been
very positive.''
Bear, Stearns Securities Corporation is a wholly-owned
subsidiary of The Bear, Stearns Companies Inc. (NYSE: BSC - news). With approximately $20.1 billion
in total capital, Bear, Stearns serves governments, corporations,
institutions and individuals worldwide. The company's business
includes corporate finance and mergers and acquisitions,
institutional equities and fixed income sales and trading,
private client services, derivatives, asset management,
correspondent clearing, securities lending and custody services.
Headquartered in New York City, the company has approximately 9,600
employees located in domestic offices in Atlanta, Boston, Chicago,
Dallas, Los Angeles and San Francisco; and an international
presence in Beijing, Buenos Aires, Dublin, Hong Kong, London,
Lugano, Sao Paulo, Shanghai, Singapore and Tokyo. For additional
information about Bear, Stearns, please visit their Web site at http://www.bearstearns.com.
Founded in Austin, Texas in 1994, SciComp is the leader in
technology that empowers its customers to produce complex,
mathematical software, eliminating the need for manual computer
programming. SciComp's software synthesis techniques can be
applied in a wide range of industries, including finance,
electronics, oil and gas, pharmaceuticals, automotive and
aerospace. SciComp's development team has more than 90 years of
combined experience in mathematical modeling, computer science,
applied mathematics, physics and engineering. For more
information, call David Johansen at 512-451-1050 or visit SciComp's
Web site at www.scicomp.com.
SOURCE: SciComp Inc.
