IMAGINE SOFTWARE’S ASP – DERIVATIVES.COM – TO OFFER CREDIT DEFAULT SWAPS WITH THE AVAILABILITY OF IT’S 5.2 RELEASE

NEW YORK, October 14, 2003 – Imagine Software, Inc. a world leader in multi-asset real-time trading analysis and risk management solutions announced new enhancements that provide full support for Credit Default Swaps (CDS). These new enhancements further round out what was already considered the industry’s leading and most robust convertible bond trading platform.

Credit Default Swaps have become the credit hedge of choice for most convertible arbitrage traders. Imagine’s new features will make these structured products more easily analyzed, traded and incorporated into a multi-asset trading strategy.

The Credit Default Swaps module offers highly flexible multi-currency credit curves. As is customary for Imagine users, credit exposures can also be calculated and broken out by any desired perspective – e.g., by issuer, by counterparty, by industry sector or by credit rating. The new model supports reference issues and recovery rates for any credit sensitive security. The Imagine Trading System will also calculate an implied credit spread, given the CDS swap rate, enabling users to “tune” the model inputs of their convertible and fixed income securities. This enhancement further rounds out the already comprehensive financial asset class and trading strategies coverage offered by Imagine. Strategies supported include Long/Short, Volatility, Arbitrage, Global Macro, plus others utilizing equity, fixed income, credit, convertible, Forex, and structured products.

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