SS&C Technologies, a global provider of financial services software and outsourcing solutions, today announced the release of Debt & Derivatives 2009.1.0, an important update to SS&C's derivatives accounting management and reporting solution.
The latest release of Debt & Derivatives marks SS&C's continued commitment to keeping their institutional and alternative investment platforms current as regulatory changes impact its client base.
The International Swaps and Derivatives Association, Inc. (ISDA) have developed significant amendments to the contractual provisions governing credit derivative products as part of an initiative to an effort to enhance the infrastructure of the Credit Default Swaps (CDS) market, increase transparency, and foster operational efficiency. Debt & Derivatives 2009.1.0, released on April 8, 2009, enables clients to accommodate the new industry protocols for the standardized trading of credit default swaps, namely the North American Contract modifications.
"CDS processing and risk management has become a top challenge for investment management firms worldwide, and without a unified approach by market participants these contracts can spiral out of control if they are not proactively managed," said Diane Cossin, vice president, SS&C Technologies, Inc. "With the release of Debt & Derivatives 2009.1.0, we are pleased to be first to market with a technology solution to immediately adhere to the new CDS protocol."
The changes will be implemented through the adoption by counterparties to CDS transactions of the 2009 ISDA Credit Derivatives Determinations Committees and Auction Settlement Supplement to the 2003 ISDA Credit Derivatives Definitions.