One of India’s Premier Banks Selects Numerix for Enhanced Market and Counterparty Credit Risk Analysis

New York, NY and Mumbai – July 9, 2013 – Numerix, the leading provider of cross-asset analytics for derivatives valuations and Market risk management, announced today that HDFC Bank, the second largest private sector bank in India, has chosen Numerix Portfolio to address its comprehensive risk management needs. HDFC Bank will use Numerix to consolidate its Market risk management and reporting capabilities across multiple systems.

Numerix Portfolio enables HDFC Bank to effectively manage, monitor and report on market risk exposure for their entire range of portfolios including banking and treasury management groups, across all asset classes. With Numerix Portfolio, HDFC Bank can aggregate risk, drill-down across all trades and rapidly price and calculate mark-to-model, historical / stressed Value-at-Risk (VaR), as well as Actual/No-action P&L and backtesting for vanilla and OTC derivatives. This seamlessly leads to capital-charge computations for Basel 2.5 (IMA approach) and Basel III with complete drill-down capability. The system is packaged with complete capability to create custom reports and interfaces as required by the front office, middle office, IT and other desks, along with complete audit-trail and user-authorization features.

Numerix’s ability to accurately price any financial instrument and consolidate trades and positions from multiple source systems on to a single platform, were key factors in HDFC Bank’s decision to sign with Numerix. HDFC Bank is also set to implement Numerix’s counterparty risk functionality for Credit Value Adjustment (CVA), forward One-Step Monte Carlo Value-at-Risk (MC VaR) and Potential Future Exposure (PFE), including Treasury and Counterparty Limits monitoring.

In 2011, Numerix opened a new office in Mumbai to provide local sales and quantitative support in the India region helping to support HDFC Bank with its initiatives to implement a globally acclaimed analytics system. Because of the flexible technological scaling and integration capability provided by Numerix, HDFC Bank can accurately compute and monitor complex risk-metrics in a time-frame that can positively impact its business decisions.

“We were impressed by Numerix’s strong quantitative team and with the firm’s ability to understand our system requirements,” said Mr. Sanmoy Chakrabarti, Head, Market Risk, HDFC Bank. “With Numerix Portfolio we’ve consolidated our risk management and reporting capabilities onto one platform.  We look forward to continuing our close relationship with Numerix as the team provides us with the technology and support needed to take our risk management system capabilities to the next level.”

“Numerix’s approach of consistently partnering with the bank’s IT team, to ensure that any implementation issues are proactively dealt with, along with the impressive experience and skill-sets of the deployed personnel have been highly instrumental in what has undoubtedly been a very successful implementation for the bank,” said Mr. Harish Shetty, Senior Executive VP, IT, HDFC Bank. “The implemented risk functionality encompasses a highly sophisticated distributed grid-computing framework, along with a seamless integration with the various systems of the bank. We are working with the Numerix-team to further leverage this.”

“We are pleased that HDFC Bank has chosen Numerix to assist them in the further expansion of their regulatory compliance and firm wide risk management efforts,” said Steven R. O’Hanlon, Chief Executive Officer & President of Numerix. “The key to the sound operation of any risk management system is a foundation built on consistent and reliable pricing. The implementation of Portfolio demonstrates our commitment to provide our clients with the analytical pricing underpinning and sophisticated desk-level risk analytics they need to effectively analyze and manage risk in today’s marketplace.”

 

About Numerix
Numerix is the award winning, leading independent analytics institution providing cross-asset solutions for structuring, pre-trade price discovery, trade capture, valuation and portfolio management of derivatives and structured products. Since its inception in 1996, over 700 clients and 75 partners across more than 25 countries have come to rely on Numerix analytics for speed and accuracy in valuing and managing the most sophisticated financial instruments. With offices in New York, London, Frankfurt, Milan, Stockholm, Tokyo, Hong Kong, Singapore, Dubai, South Korea, India and Australia, Numerix brings together unparalleled expertise across all asset classes and engineering disciplines. For more information please visit www.numerix.com.

About HDFC Bank
Promoted in 1995 by Housing Development Finance Corporation (HDFC), India's leading housing finance company, HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its 28.5 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments.

The bank’s competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 19 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality.

Numerix Media Contact
Emily Ahearn
Director of Public Relations
Phone 646 898 1294
Email: eahearn@numerix.com

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