Monday October 19, 8:01 am Eastern Time
SOURCE: SciComp Inc.
AUSTIN, Texas, Oct. 19 /PRNewswire/ -- SciComp Inc., a software company that provides synthesis tools for the financial services industry, today announced the release of SciFinance 1.0, a software synthesis system that eliminates the tedious programming traditionally required to create computational models for pricing and hedging derivative securities.
Using powerful option pricing techniques and efficient numerical algorithms, SciFinance automatically generates optimized, custom codes from concise specifications of option structure. Generally, a specification of a half page or less of will produce thousands of lines of source code. SciFinance's innovative approach to pricing exotic derivatives is designed for the sophisticated requirements of today's challenging financial environment.
With SciFinance, analysts are freed from programming and from the limitations and hidden assumptions of library routines. They can develop models in one tenth of the time previously required, exploring and refining new algorithms or complex option structures with unprecedented ease and speed.
Elaine Kant, SciComp's founder and president, said SciFinance is the culmination of years of development of software synthesis technology. ``We chose to apply software synthesis to derivatives pricing because of the significant value it will bring to the financial community,'' Kant said. ``Synthesis technology eliminates the programming required to create new models while drastically reducing programming errors and turnaround time.''
``SciFinance can price an immense range of equity, commodity and foreign exchange options, including complex path dependencies and multiple assets,'' says Curt Randall, SciComp's vice president of technology applications. ``SciFinance exploits state-of-the-art numerical techniques and supports extensive customization. We will focus future development efforts on expanding SciFinance's capabilities for fixed income and energy derivatives.''
SciFinance is shipping now. Prices start at $100,000 per year per license. SciFinance runs on all major platforms and systems, including Microsoft Windows 95/98 and Windows NT, Linux, UNIX and NeXT.
Founded in Austin, Texas in 1994, SciComp is a 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 512-451-1538 or visit the web site at www.scicomp.com.
SOURCE: SciComp Inc.