Milan, Italy - March 14, 2011.
riskart S.p.A., a leading specialist consultancy in bespoke solutions for Back Office administration of OTC derivatives, has announced the appointment of Dragons' Desk as its distributor in the Asia Pacific region. Dragons' Desk is a leading financial technology firm with offices in Hong Kong and Japan helping diverse financial institutions implement superior technology solutions and best of breed investment practices.
"The Asia financial market is becoming increasingly sophisticated with a growing use of derivative contracts," explains Franco Marinotti, riskart's CEO. "Hong Kong in particular, is a thriving financial centre and an important gateway to the Chinese market where derivatives are becoming more popular and better regulated but these derivative contracts need to be managed properly, which is our speciality. We have been searching for a while to find a company to work with in the Asia Pacific region that shares our passion for providing the best solutions for customers."
David Androsoni, Managing Director at Dragons' Desk, adds, "riskart's software is a perfect addition to our range of financial technology solutions. It covers the often forgotten but vitally important Back Office function of managing derivatives contracts to reconcile the daily position and meet compliance requirements. Often banks and asset management companies start out trying to manage contracts on a manual basis using spreadsheets and open source tools but, as the number of contracts grow, this can rapidly become unmanageable requiring an automated process such as provided by riskart.
"We have identified a gap in the Asian market that is perfectly met by riskart's specialisation in OTC derivatives management. An investment bank's competitive edge often lies in being able to create tailored derivative instruments that are designed to meet the exact risk exposure of their clients. This non-standardisation usually makes it hard for firms to fit them into an automated process so that Back Office technology suppliers usually take many months to adjust their software to handle new OTC derivatives. However, the riskart software has been properly developed from the ground up so that new contract types can be added within one or two days either by the customer or by riskart's support team of financial experts. The riskart Derivatives Management Suite provides a solid technology platform for Back Office derivatives management that evolves and adapts to match the ever changing client and market requirements."
riskart Derivatives Management software
The riskart software draws on a history of over 30 years of providing financial solutions and currently counts three of Italy's leading financial institutions amongst its users. The riskart Derivatives Management Suite is specifically designed for Back Office administration, accounting and compliance of complex products such as Interest Rate Swaps, Equity Swaps, FX Swaps, CDS, Swaptions, Futures, Options and to customize a wide range of structured products. The software suite provides real time administration of risk, risk exposure, and cash flow for management banks, investment funds, asset management companies, corporates and other organisations. The cash flows for the derivative contracts are all managed on a daily basis, taking input from other applications such as market prices, registry and updated positions. riskart then generates entries for all relevant aspects of accounting, in accordance with principles 32 and 39 of IAS/IFRS, along with an output database for external systems such as accounting servers, SWIFT for settlement operations, notification to supervisory bodies, auditing, etc. The multi-language riskart software can run on a variety of operating systems and can be used with all leading relational databases. Users can access the software by means of a web browser such as Microsoft Explorer or Mozilla Firefox for remote access via the Internet.
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