GlobeOp Financial Services a provider of risk operations and administration services for the funds management industry, has purchased the Cygnifi-developed risk reporting and valuation analytics library, A-Lib, from New York-based Suite.
The A-Lib library was originally developed by JPMorgan and its technology spin-off Cygnifi to support the bank's fixed income derivative and credit trading systems.
The technology was part of a package of products acquired by Suite when Cygnifi ceased operations. Suite delivers customised versions of the software to its financial services clients, including the source code.
Tom Deegan, COO, GlobeOp, says the software will extend the firm's ability to provide market standard pricing and risk reporting capability to its global client base.
"We envision Suite's software meeting the bulk of our client requirements out-of-the-box, as well as being able to evolve with the market because we will have access to the source code," he says.