|
|
 |
||||||||
|
FORMER HEAD OF BANKERS TRUST DERIVATIVES RESEARCH ANNOUNCES TOPS 2000 CREDIT First software package to meet urgent demand for sophisticated valuation and risk management models in booming credit derivatives market NEW YORK, May 5, 1999 -- Savvysoft announced today the release of TOPS 2000 Credit, a new software package for pricing and hedging Credit Derivatives. This product allows all investors to finally measure and control their risk exposure to corporate and emerging market securities. TOPS 2000 Credit is capable of handling the full range of credit derivatives, including Total Rate of Return Swaps, Credit Default Swaps, Credit Linked Notes, Credit Spread Options, Credit Baskets and others. The software is written in a completely general fashion, so it is possible to value any contingent cashflow based on any type of credit event. The product was designed by Rich Tanenbaum, the head of Derivatives Research at Bankers Trust when the bank dominated the OTC derivatives market. The models behind TOPS 2000 Credit are based on the probability of default, and the package includes a module for backing out implied default probabilities from corporate bond prices. This makes the package particularly simple to use. "TOPS 2000 Credit is unique in that in addition to letting the user input the probability of an issuer default, it can also base its calculations on the probability of counterparty default, and the correlation between these two probabilities," says Tanenbaum. "The probabilities themselves may be functions of time, interest rate levels and stock price levels, giving the user an unprecedented level of control over their credit derivative valuation." Cathy Willis of SG Securities, a TOPS 2000 Credit beta tester, says "TOPS 2000 Credit follows in the same tradition as TOPS: its design is very clean and modular, making it super easy to create new structures." Like the rest of the TOPS 2000 line, TOPS 2000 Credit can run inside spreadsheets such as Excel and Applix, on PCs or Unix. It can also be integrated into third party packages from Infinity (Infinity, Panorama, Opus and Devon), Summit, Algorithmics, Frustum, AFA Systems, CATS, Decision Software and others, or in-house software. When used inside a spreadsheet, dialog boxes and a template builder are available. TOPS 2000 Credit also features Power Range. This allows users to value derivatives based on full yield curves, volatility curves and forward price curves. In addition, it lets companies value derivatives with step-up/step-down coupons, amortizing/accreting/roller coaster notionals, changing strike prices, and more. Savvysoft Savvysoft is a New York City based provider of world class derivatives pricing and analytics which was started by Rich Tanenbaum, an options pioneer and the former head of Bankers Trust Derivatives Research. Rich was a founding member of BT?s derivatives group, the first OTC derivatives desk on Wall Street. Formally launched in 1995, TOPS is now used by over 700 top-tier banks, dealers, brokers, money managers, energy suppliers, corporate treasurers, auditors and consultants in 15 countries worldwide. The software is available on PCs and Unix machines. TOPS is available as spreadsheet add-ins for Excel, 1-2-3 and Applix, as subroutines, and integrates with sophisticated trading systems such as Infinity 7.0. Savvysoft's corporate headquarters are in downtown New York City at 17 State Street, 4th Floor, New York, NY 10004. Tel: 212-742-8677; Fax: 212-425-8677; Web: www.savvysoft.com |
|
||||||||
