BOCI Choose SciComp
SciComp Inc., the Austin Texas based provider of automated software synthesis technology for the financial markets, today announced that BOC International Holdings Ltd (BOCI) has licensed SciFinance®, SciComp's flagship automated derivatives pricing software.
"Deciding factors for BOCI purchasing SciFinance included the ability to solve problems through a high level declarative language rather than hand coding," said George Advani, a quantitative analyst for BOCI. "We will use SciFinance to value and hedge equity derivative instruments including baskets and exotics."
Based on SciComp's software synthesis technology, SciFinance automatically generates custom source code from concise specifications of option structures. SciFinance prices the full gamut of derivatives instruments, including equities, credit, interest rate, foreign exchange and CBs.
"We're confident that SciFinance will provide much quicker turnaround time for traders to test out models, and shortened time-to-delivery for system development," added trader Ken Wang.
BOCI licensed SciFinance after a significant testing period. "We received very responsive and professional support from SciComp. Even though we are working in different time zones, our questions were always replied to within 24 hours, and by a qualified person. We are impressed by the support service," stated Hugo Cheng, Vice President of BOCI.
"The ability to automatically generate source code with Excel or .Net wrappers will simplify integrating the codes into our trading system," added NgaiHo Shum, IT manager for BOCI.
Elaine Kant, SciComp's CEO said, "SciComp's patented technology is being adopted by banks worldwide, and we're pleased to build a relationship with BOCI. We're confident that SciFinance will give BOCI a business advantage by reducing the time needed to price and integrate new derivative structures."
This article appeared in Wilmott Magazine.