New York, NYâSeptember 18, 2002 - DerivaTech, the specialist provider of advanced currency derivatives pricing, analytics and risk management applications, today announced Bear, Stearns & Co. Inc. has contracted with DerivaTech to license and implement the DerivaTech FX Risk Management Platform for its options trading and distribution in New York and London.
Bear Stearns' solution search was driven by an aggressive strategy to grow their Exotic FX Options and Structured Products business. Bear Stearns has recently filled a number of key FX Options trading and sales positions. DerivaTech will provide the expanded options team with the best tools to grow their business. "Bear Stearns is an organization that is focused on delivering solutions to our clients. DerivaTech provides superior tools, which will further enhance our capability in meeting our clients complex hedging needs." said Gilles Bransbourg, European Manager of Sales for Foreign Exchange at Bear Stearns.
Additionally, Bear Stearns needed a solution that would be unparalleled in managing their risk. "After conducting an extensive analysis, it was clear that DerivaTech had the best solution on the market for managing risk and meeting Bear Stearns' operational requirements for an integrated solution," said Bernd Broker, London Manager of Foreign Exchange at Bear Stearns. "The decision to go with DerivaTech was a critical part of Bear Stearns' global trading and distribution strategy. We want to empower our team to create new structures for our customers, so we need a system that can price, book and manage these trades throughout their lifecycle."
David Schoenthal, Global Head of Foreign Exchange at Bear Stearns, cited "DerivaTech's integration with Bear Stearns' existing infrastructure, and its scalability to grow with the business over time as we add sales people and traders" as the key reasons for selecting DerivaTech's FX Risk Management Platform.
David Aaron, DerivaTech's SVP of Sales and Marketing commented on the deal, "We are very excited about our new relationship with Bear Stearns. We like to work with clients whose business vision is in sync with DerivaTech's product strategy. This certainly is the case with Bear Stearns. We look forward to supporting Bear Stearns with their growth."