Drake Management Selects SunGard’s Monis As a Platform for its Convertible Arbitrage Strategy

New York, April 17, 2006 – SunGard today announced that Drake Management LLC has selected Monis for pre-trade analysis and risk management. Monis is a leading pricing, analysis and hedging solution for convertible bonds and other equity-linked securities, and provides consistent, arbitrage-free pricing and analysis of a firm's capital structure and its derivatives. Drake will use Monis to price and evaluate new convertible issues, find trade opportunities and help manage the risk profile of its convertible arbitrage strategy.

Drake selected Monis for its reputation as a leader in the pricing and analysis of convertible bonds. Monis provides the ability to handle the esoteric structural quirks found in many convertible bonds, including cocos, copays, HiPr structures and resets.

Drake also selected Monis to help it to improve the quality of its convertibles data. The Monis Data Service will provide Drake with pre-formatted and easy-to-use data on convertible bonds and other equity-linked securities. The data is compiled and cleaned from a variety of sources and includes terms and conditions and market prices on over 2,200 bonds.

Robert Herin, managing director, Drake Management, said, "We chose Monis for its tremendous feature coverage and the strength of its single name credit framework. Because it operates within an Excel-based framework, Monis is easy to use. It is also easily integrated with our own proprietary trading system, Cygnet, which helps our traders to customize the solution to their own requirements. Monis’s data, widely accepted as an industry standard, will help us enhance the efficiency of our processes and help reduce the operational risk resulting from mis-specified terms.”

Rob Mackay, managing director, Americas, SunGard’s FRONT ARENA business unit, said, “The convertible market has matured considerably with a greater use of sophisticated quant technology and many more players. In this environment, accurate modeling that captures the unique features of convertibles and that is based on reliable data is essential to helping firms find trades and remain competitive."

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