NEW YORK:LONDON, DECEMBER 13, 2004 – NumeriX LLC, the leading player in multi-platform, cross-asset derivatives pricing and risk management software, has announced today that it will offer its flagship NX Tools product for free to qualified developers and in-house quants. Currently used primarily for pricing cross-asset derivatives, NumeriX anticipates that its analytics and modelling technology will be useful, but not limited to, independent software vendors (ISVs), internal application development teams and consultants in building financial models for asset classes not currently serviced by NumeriX.
Under the guise of the Application Developer Program, NumeriX will provide qualifying developers with a one-year license for NX Tools, a suite of innovative development tools for all aspects of financial instrument pricing and risk management. To qualify, those interested will be required to submit an application form. Upon acceptance of the form, qualified developers will be provided with a one-year license for NX Tools and 90 days of support, along with greatly reduced support costs for the remainder of the term of the license.
"Our NX Tools have been essential in the pricing of the most complex instruments, such as exotic derivatives, by some of the world’s largest and most successful hedge funds and banks," said Steve O’Hanlon, President and COO of NumeriX. "By providing that same technology to organisations in markets that we don’t service, such as the insurance and mortgage industries, we’re driving an awareness of the strength of our technology that we hope will drive product innovation in those markets and extend the reach of NumeriX’s tools and technology."
Additionally, NumeriX is announcing that PA Consulting and CompatibL Technologies will be the first organisations to take advantage of the Application Developer Program. Both PA Consulting, a leading management, systems and technology consulting firm, and CompatibL Technologies, a provider of integration software and services for the financial derivatives industry, will utilise NX Tools to build value-add analytics and modelling applications for their respective clients.
"PA is very pleased to be a founding partner in the NumeriX Application Developer Program," said Peter Stockman, Member of PA’s Management Group. "PA seeks to work with the best IT solution providers in the industry and our partnership with NumeriX is an important milestone in this strategy. Using NX Tools, we will be able to develop state-of-the-art pricing and risk management solutions for our clients more quickly and at a lower cost."
"NumeriX was the first company to offer a derivatives analytics toolkit not limited to a set of predefined deal types, creating a unique API that made it possible for the first time to price entirely new derivative structures using third-party models," said Alexander Sokol, President and CEO, CompatibL Technologies. "NumeriX continues to be the market leader in derivatives analytics, whose software offers unparalleled flexibility to deal with the rapid pace of product and model innovation today. By creating the Application Developer Program, NumeriX brings this powerful technology to the universe of third-party financial software developers under highly favourable licensing terms."
"Given the limited number of quants in the industry, most internal development teams, ISVs and consultant organisations do not have the resources to develop first class analytical models," said Greg Whitten, CEO and Chairman, NumeriX. "By developing and integrating proven NumeriX numerical methods and algorithms into pre-existing pricing and risk management products, companies servicing sectors such as energy and commodities will be provided with the ability to provide enhanced levels of analysis."