Numerix, a provider of cross-asset analytics for derivatives valuations and risk management, has signed Hana Daetoo Securities, the investment banking arm of the South Korea-based Hana Financial Group, as its direct Korean customer.
Hana Daetoo Securities will utilize Numerix Portfolio across its derivatives desk for trade capture and management, along with enterprise wide risk management of derivatives positions via Numerix Portfolio’s reporting and scenario analysis capabilities with calculations in efficient manner.
Hana Daetoo’s trading desks will also utilize Numerix CrossAsset XL pricing and analytics solution for the structuring and issuance of new derivative products by the range of models for the Korean market.
The signing of Hana Daetoo is a result of Numerix’s new regional consulting, distribution partnership with Korea-based STI CS, a provider of financial technology systems to the Korean financial industry.
Steven O’Hanlon, president and COO of Numerix, said: “We are very pleased that Hana Daetoo is our first direct Korean client. The Korean derivatives market is one of the fastest growing markets and through the use of our global market standard models along with the unparalleled transparency in the structuring and pricing and valuation tools that we provide, Hana Daetoo will immediately have all the necessary analytics and risk solutions to scale its derivatives platform.
“Moreover, our strong partnership with STI will help us deliver our industry leading products and analytics to important customers like Hana Daetoo and the broad Korean market.”
Donnie Choi, president of STI CS, said: “STI CS is also pleased to have played a strategic role in helping Numerix to secure its first client in the Korean region. The successful introduction and signing of Hana Daetoo represents a win for all three organizations.”