Selects SciComps Derivative Pricing Software
Banking Firm Buys SciFinance 1.0
Austin October 19, 1998
SciComp Inc., a software company focused on providing
synthesis tools for the financial services industry, today
announced that MeesPierson, an Amsterdam-based provider of
services for the corporate, private and investment banking
industries, has purchased a license for SciFinance 1.0, an
options-pricing package for quantitative analysts.
MeesPierson purchased SciFinance in
October of 1998 after a four-month testing period. Terms of the
two-year deal were not disclosed.
Based on SciComps software
synthesis technology, SciFinance automatically generates custom
computer programs from concise specifications of options
structures pricing without programming. This technology
produces robust finite difference codes, which often run faster
and are more accurate than traditional methods. SciFinance is
shipping now, and prices start at $100,000 per year per license.
Elaine Kant, SciComps founder and
president, said MeesPiersons position as a global
investment banking firm with a sophisticated research group means
it can offer invaluable feedback on SciFinance. "Because
SciFinance facilitates custom pricing of complex derivative
structures, it will bring significant value to MeesPierson,"
Kant said. "In turn, SciComp will benefit from understanding
how a company with MeesPiersons experience in derivative
trading and risk management uses SciFinance."
By using SciFinance to develop pricing
models for options, MeesPierson will be able to produce models
faster than manual computer programming, said Anna Shepeleva, a
researcher with MeesPiersons Investment Bank Derivatives
Research. "Using SciFinance to develop derivative pricing
models will save a tremendous amount of programming work, so it
will be incredibly useful to us."
Based in Amsterdam, The Netherlands,
MeesPierson is part of the international Fortis group, which
operates in the fields of insurance, banking and investments.
With offices in all major financial centers in the world,
MeesPierson is engaged in corporate banking, private banking,
investment banking and information banking. MeesPierson employs
over 4,000 people in more than 25 countries. For more
information, visit the web site at www.meespierson.nl.
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. SciComps software synthesis
techniques can be applied in a wide range of industries,
including finance, electronics, oil and gas, pharmaceuticals,
automotive and aerospace. SciComps 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.