London – 20th March, 2006. Kalahari, a global provider of real-time price discovery and analytic solutions to financial and energy trading institutions in over 16 countries, today announced that Bayerische Hypo- und Vereinsbank (HVB) has signed an agreement to deploy kACE™, the pricing, calculation and analysis tool for global traders, to price interest rate and foreign exchange swaps in London.
HVB, a member of UniCredit Group, is the second largest private bank in Germany with 5% market share, over 26,000 employees, 680 branches and over 4 million customers. It is a member of UniCredit Group which holds the leading position in the economic hub of Italy, Germany, Austria and Central and Eastern Europe with over 140,000 employees, 7,000 branches and over 28 million customers.
Commenting, a source at HVB said: "We are committed to implementing tools that are sufficiently adaptable to keep up with the demands of our traders and the markets. We are confident that kACE will enrich our existing operations."
kACE will provide HVB’s interest rate and foreign exchange swaps desk with the flexibility to test "what if"scenarios quickly and easily. Functions that have been previously created through internal systems and spreadsheets, such as Excel, will now be provided within the kACE environment. The flexibility of kACE means that the traders may respond instantly to any changes in market methodologies or conventions.
Mark Holden, Sales Director EMEA, of Kalahari said: "kACE is achieving real momentum amongst Europe’s leading banks. We are delighted to be selected by HVB and look forward to working with an ever-increasing number of best-practice banks supporting their traders in different market sectors."