New York, NY and London, England – July 25th, 2005
Reval®, a provider of financial risk management technology solutions and services, is pleased to announce that the UK firm of Deloitte & Touche LLP ("Deloitte") has selected Reval’s HedgeRxTM solution for auditing derivative valuations. Reval now has two out of the four "Big 4" accounting firms as end-users of its HedgeRx solution.
Deloitte selected Reval in order to enhance its own valuation capabilities in the UK. In addition to being able to leverage the analytics and integrated market data, Deloitte will be using HedgeRx to support an increase in demand to test fair values largely as a result of the impact of IAS 39.
Under IAS 39, derivatives are now on balance sheet and marked to market every period. In order to minimize P&L volatility, derivative users are finding the requirements to achieve hedge accounting challenging in terms of both the documentation and effectiveness requirements.
"Having Deloitte as a client is further validation for us as we continue our efforts to be the leader in offering derivatives solutions over the web" notes Jiro Okochi, CEO of Reval. "We look forward to developing a long-term relationship with Deloitte."
Mike Lloyd, UK Head of Treasury and Capital Markets at Deloitte, said "We underwent an assessment of the recognized tools in the market place and found that Reval best met our requirements for derivatives valuations and auditing IAS 39."
"Clearly this is an impressive win for us in Europe" said Peter Reynolds, Director of European Sales of Reval. "Deloitte were looking for a tool that could offer independent valuations in a robust and user friendly environment. I look forward to working closely with Deloitte in the future."
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