VANCOUVER, CANADA –April 20, 2009 – QuIC
Financial Technologies Inc., a leading global provider of risk management,
pricing and financial analytics solutions, has again set new standards for speed
and performance metrics for QuIC technology as a result of incorporating a new
microarchitecture from Intel®.
Having achieved record results for speed
and performance during the initial benchmark test using risk scenario data sets
in November 2008, QuIC repeated the benchmark test using the recently launched
Intel®Xeon® 5500 series processors and received a thirty percent increase in
speed with the same portfolio. Designed to test real-world environments, QuIC’s
benchmark portfolio covers Credit Derivatives, Interest Rate Derivatives, Equity
Derivatives and FX Derivatives; running Potential Future Exposure (PFE)
calculations using Monte Carlo generated scenarios.
“We are extremely
excited about our recent benchmark test results using Intel’s latest
technology,” said Tony Coppellotti, Chief Technology Officer for QuIC. “With
capital being even more scarce, banks need to be very stringent on their
assessment of counterparty credit and are demanding the highest level of
accuracy in their calculations, at quicker speeds than ever before.
Understanding this need, our team, in conjunction with Intel, is focused on
advancing our technology, continually increasing our speed and improving our
performance to ensure that banks have the right tools to calculate the risk on a
growing number of scenarios and complex positions needed to compete in today’s
market.”
“In order to advance our risk management technology to meet both our in-house
standards for speed and performance and the growing complexity of customer
requirements, testing all components of our solution to extremely rigorous and
stringent benchmarks is key to our success,” added Coppellotti. “We are also
pleased to reach this level of performance whilst retaining the full flexibility
to customise pricing and valuation models. As our customers are well aware,
giving up flexibility to achieve performance is not a good strategy for managing
cost of ownership or maintaining time to market for new products”
"Once
again we are pleased that Intel continues to deliver the processing speed and
power to handle the massive calculations and scenarios demanded by QuIC’s
solutions,” stated Nigel Woodward, Intel's Global Director, Financial Services.
"Risk analytics in the banking industry are becoming totally mission critical
and we are enthusiastic to continue our efforts with QuIC to help meet the
intensive risk scenario and analytics calculations that will more than ever be
demanded by banking customers around the globe.”
About QuIC Financial Technologies, Inc.
QuIC is a global
solutions provider for risk management, pricing and financial analytics. The
QuIC Product Suite features an exceptionally fast vector-based calculation and
simulation platform for pricing, risk management and financial analytics. Built
with fully open technology, the QuIC Product Suite integrates easily with
in-house and partner systems and operates in diverse environments, from a single
laptop to large distributed grids. QuIC technology is delivered on a shared
calculation fabric available to multiple recipients throughout the enterprise,
allowing risk management professionals to collaborate in developing new
analytics strategies and technology solutions.
Press Contact
Julie Zuzek
Director of Marketing and
Communications
QuIC Financial Technologies Inc.
Tel: +44 (0)20 7562 4570
Fax: +44 (0)20 7562 4571
julie.zuzek@quic.com
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Credit Risk Solution, QuIC CVA Solution, QuIC Dispatch, QuIC Engine, QuIC
Functions, QuIC Integration, QuIC IRC Solution, QuIC Links, QuIC Market Risk
Solution, QuIC Mechanics, QuIC Mechanics CDL, QuIC Network Engine, QuIC
Platform, QuIC Product Suite, QuIC Publisher, QuIC Run, QuIC Script, QuIC
Services, QuIC Simulation Framework, QuIC Structured Product Solution, QuIC
Unified Market and Credit Risk Solution, QuIC Unified Solution, QuIC View, and
QuIC Workbench are trademarks of QuIC Financial Technologies Inc. Or a Licensor
in Canada, the United States and/or other countries.