Merrill Lynch has renewed its license for the SuperDerivatives benchmark currency option pricing system for a further year.
Merrill Lynch has been using the system for over a year in various offices around the world.
Marcus Browning, co-head of global foreign exchange trading, Merrill Lynch, comments: "It (SuperDerivatives) has proved itself to be extremely simple to use and its ability to consistently provide the market price for numerous classes of options, including exotics on emerging market currencies, is impressive."
David Gershon, chief executive, SuperDerivatives, says access to accurate market rates is becoming ever more important and most other systems still rely on Black-Scholes type models, which often just provide a theoretical value.
Other SuperDerivatives clients include Citibank, JP Morgan Chase, SG (Societe Generale), Commerzbank and ING.