Reval® Adds BMA Swaps to New Release of HedgeRx™

NEW YORK, New York – September 16, 2002 -, Inc.

Reval, a provider of financial risk management and compliance solutions and services, announced the release of Version 2.1 of HedgeRxTM, its leading hedging management solution. In its third significant release this year, Reval adds BMA swaps to its broad coverage of derivative hedging products as well as significant new risk management functionality, performance management tools and commodities module enhancements. BMA is a tax exempt floating rate index published by Municipal Market Data and is used as benchmark rate for municipal issuers and investors.

Reval developed the BMA functionality in conjunction with RJ Capital Services (RJCS), a subsidiary of Raymond James, Inc, who will offer the services to its clients through its private label alliance with Reval. "We are very pleased to enhance our interest rate hedging module with BMA swaps and options as it opens up a new market of tax-exempt hedgers to Reval and also provides a competitive edge to Raymond James, one of our important Private Label partners," said Jiro Okochi, CEO and Co-founder of Reval.

As part of this alliance, RJCS assisted Reval in the development and testing of this new module. "We are very pleased with the breadth of capabilities this new module provides and excited about the value BMA functionality will bring to our customers," explained John LeCompte, head of Interest Rate Swaps at RJCS. RJCS offers HedgeRx under its own brand Hedge ProfessorTM.

Using the new functionality, users of HedgeRx can perform valuation, risk management, reporting and FAS 133 compliance for tax-exempt exposures and derivative hedges. As with all of the foreign exchange, interest rate, and commodities instruments covered in HedgeRx, Reval provides the current and historical data required for pricing, risk management and FAS 133 reporting. Reval's operations staff publishes "scrubbed" market data curves at the end of every day, providing its clients with an independent source of market data for valuation purposes. Most vendors do not offer this service and require individual set-up and additional development costs to load and validate historical data.

In addition to BMA swap capability, Version 2.1 includes numerous other features, including:
- Sensitivity analysis and stress testing tools for commodities
- Delta stress testing reports to track a portfolio’s or trade’s delta and gamma under different scenarios
- Level of cover reports that show exposures and hedge coverage on a notional and delta notional basis
- Derivative volume reporting to track the trading activity done with each counterparty
- New administrative reports and enhancements to audit tools

As with all of Reval's new releases to its ASP platform, upon completion of rigorous internal and external testing, the new version was seamlessly released and re-tested over the weekend for clients to access instantaneously on Monday morning.

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