J.P. Morgan to Create Cygnifi - a Web-Based Independent Derivatives Services Company
J.P. Morgan announced plans to launch Cygnifi, an independent derivatives services company that will offer products primarily through use of the Internet and other electronic commerce vehicles. The range of products provided by the new company will include market and credit risk applications, independent valuations, portfolio stress testing, counterparty exposure simulations, and related risk management services. Cygnifi has launched a web site at www.cygnifi.com. Cygnifi is forming strategic partnerships with Sybase, Inc. a provider of web-based, integrated software solutions and applications; NumeriX Corporation, a derivatives analytics company; and Bridge Information Systems, a provider of global financial information and news, transaction services, and network services.