LONDON, UNITED KINGDOM--(Marketwired - October 19, 2016) - AFEX, one of the world's largest non-bank providers of global payment and risk management solutions, has selected Derivitec's Risk Portal product for production of its collateral management reports.
Derivitec's Risk Portal allows clients to access industrial standard risk reporting software directly through the web, with zero installation overhead. Whilst originally designed to handle analytics on derivative products, the platform has been significantly extended to cover everything from shocks to regulatory reports across a wide range of assets, globally. End-of-day market data, and portfolio management are provided as standard, leaving the client with nothing more to do than upload portfolios and calculate to obtain their end of day risk numbers.
Derivitec's solution enables firms to benefit from effective collateral risk management and is being used daily by major financial intermediaries involved in trading currencies, the largest financial asset in the world. In particular, Derivitec's innovative cloud-based collateral risk management solutions have made an important contribution in helping firms manage some of the currency risks associated with Brexit.
AFEX's trade and counterparty data are being fed into the Derivitec platform, allowing them to drill down into changes in counterparty collateral and margin requirements that would result from an unlimited range of possible market scenarios. Such a capability is now proving indispensable in the wake of Brexit, where an exact view of which counterparties are likely to come under margin stress and the reasons for that, has become essential in the day-to-day risk management of foreign exchange products.
Sheila Krishnan, Global Credit Manager and EMEA Senior Credit Manager at AFEX, comments: "Derivitec has been instrumental in helping us manage counterparty collateral in the wake of the Brexit shock. Its real value was really prior to the event itself, when we were able to stress test portfolios and warn clients of impending collateral requirements as well as potential negative market movements so that clients would be prepared well in advance. This helped clients assess the cash flow impact to their business and decide how they wished to manage the uncertainty risk around the possible outcomes of the referendum."
George Kaye, CEO and founder of Derivitec, comments: "Deepening our relationship with AFEX, through the linking of risk reports to collateral management, has been a great experience. We have now extended the impact of our software right through to the daily management of counterparty credit, greatly cutting down manual overhead and reducing the room for error on the client side. AFEX has continued to be exemplary in its fine attention to detail and clear communication with us throughout this project."
Derivitec Ltd is a financial software vendor committed to simple yet effective solutions for the management of risk in financial services. Founded in 2011, the company has built its reputation on the analysis of risks associated with financial derivatives. To this end it has developed, at industrial scale, a best-in-class yet highly cost competitive customer solution via its cloud orientated software platform.
In the coming 12 months, Derivitec will deliver a ground breaking unified risk dashboard which will allow the risk of all financial assets to be housed in one piece of software and displayable on one screen, both mobile and desktop. The dashboard will provide a new suite of highly user friendly, analytically rigorous and exceptionally effective risk tools in areas such as performance attribution, portfolio stress testing, pre-trade risk analysis and counter-party risk.
The team at Derivitec is determined to deliver on the company's mission of simplifying and improving risk management for the benefit of its customers and the health of the financial industry in general.
Established in 1979, AFEX is a leading global payment and risk management solutions provider that specializes in cross-border transactions and provides market expertise and unrivalled customer service for businesses and private clients. With a client base of over 35,000 active commercial customers worldwide, AFEX prides itself on tailoring its payment and foreign exchange services to meet its clients' needs. AFEX's online payment platform -- AFEXDirect provides clients with one consolidated overview of their currency exposure and makes it easy for companies to manage international invoices. AFEX maintains offices across the Americas, EMEA and Asia Pacific.
To find out more, please visit www.afex.com.