SunGard and the IAFE Announce Darrell Duffie as the 2003 Recipient of its Financial Engineer of the Year Award

NEW YORK, October 17, 2003– SunGard Trading and Risk Systems, an operating group of SunGard (NYSE: SDS), and the International Association of Financial Engineers (IAFE) today announced that Dr. Darrell Duffie, James Irvin Miller Professor of Finance at The Graduate School of Business, Stanford University, has been named the 2003 IAFE/SunGard Financial Engineer of the Year. The eleventh recipient of the award, Dr. Duffie joins a prestigious list of individuals who have contributed to the advancement of financial engineering technology.

The award will be presented to Dr. Duffie at the IAFE/SunGard Financial Engineer of the Year Award Gala Dinner, which will be held on February 5, 2004 at the United Nations in New York City.

Tanya Styblo Beder, chairman of the IAFE, said, “Darrell's important contributions in risk management, credit risk modeling and the burgeoning market for credit derivatives are used daily by financial practitioners around the world. He has advanced the field of quantitative finance, the mission of the IAFE, immeasurably. We are pleased and honored that Darrell will be the IAFE/ SunGard 2003 Financial Engineer of the Year and congratulate him on this lifetime achievement."

Andrew Lo, a director at the MIT Laboratory for Financial Engineering, a IAFE senior fellow, and chair of the selection committee said, “We had several strong contenders for the award, but Darrell's many contributions to financial engineering made for an extremely compelling case. It's a personal pleasure and privilege for me to have participated in the selection process.”

Jim Ashton, chief executive officer of SunGard Trading and Risk Systems, said, “SunGard is pleased and honored to continue to be associated with this award as it persists in raising the profile of financial engineering technology and acknowledges its leading exponents.”

Biographical Information on Darrell Duffie, James Irvin Miller Professor of Finance at The Graduate School of Business, Stanford University.

Dr. Duffie, a member of Stanford's faculty since earning his Ph.D. there in 1984, is the author of books and articles on asset valuation, credit risk, derivative securities, incomplete financial markets, financial innovation, and risk management. Dr. Duffie's most recent research focuses on the empirical behavior of default probabilities and of default-swap prices, and on the theory of over-the-counter market valuation. Dr. Duffie is a member of the Board of The American Finance Association, a Fellow of the Econometric Society, a Research Associate of the National Bureau of Economic Research, a member of several boards of academic journals, and a member of Moody's Academic Research Committee. He has acted as a consultant to major corporations, financial services firms and government agencies. Dr. Duffie is a past recipient of the Smith-Breeden Prize of the Journal of Finance, the NYSE prize for best paper on equity research of the Western Finance Association, The Graham and Dodd Award of Excellence of the Financial Analysts Journal, and the Batterymarch Fellowship. His publications and other professional activities can be found at

About the International Association of Financial Engineers (IAFE)

The IAFE is the not-for-profit, professional society dedicated to fostering the profession of quantitative finance by providing platforms to discuss cutting-edge and pivotal issues in the field. Founded in 1992, the IAFE is composed of individual academics and practitioners from banks, broker dealers, hedge funds, pension funds, asset managers, technology firms, regulators, accounting, consulting and law firms, and universities across the globe.

Through frank discussions of current policy issues, sponsoring programs to educate the financial community and recognizing the outstanding achievements in the field, the IAFE acts as a beacon for the development of quantitative finance. Throughout its history, the IAFE´s pre-eminent leadership has positioned us to respond with savvy to the evolving needs of the financial engineering community. The IAFE´s programs - from our area-specific committees to our monthly panel discussions to the Financial Engineer of the Year Award - are designed to provide our membership with uniquely valuable activities to enhance their work in the field and opportunities to network and socialize with their colleagues. Visit IAFE at

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