Polaris Partners with Numerix for Credit Valuation Adjustment
Polaris Financial Technology has signed a definitive partnership agreement with US-based analytics specialist Numerix, which aims to leverage Numerix’s recently-launched analytics calculation engine, CrossAsset Server and CrossAsset Integration Layer, for the integration. Polaris said that the partnership will provide clients with Numerix risk analytics for improved risk monitoring, increased transparency and decision making.
Polaris’ own Intellect Risk and Treasury has more than 40 customers across 80 countries, which the group said will now be able to comply with Basel regulatory requirements, such as consistent pricing, stress testing and accurate reporting of credit valuation adjustment (CVA) for robust counterparty credit risk management, by leveraging Numerix’s comprehensive model library and risk analytics embedded as part of the solution. In addition, Polaris will support banks to integrate Numerix models into their end-to-end pricing and risk management solutions.
“Regulatory pressure and changing business needs demand that banks, both buy side and sell side, be able to access trading and risk management information across assets with reliable risk models,” said Manish Maakan, partner and global head – intellect business, for Polaris. “Banks therefore need customisable solutions to comply with regulatory Basel requirements.”
Steven O’Hanlon, chief executive officer (CEO) and president of Numerix added, “We needed a partner with scale and reach who can provide access to various global markets and we are excited about the opportunity to partner with a global financial technology leader like Polaris.”