SunGard today announced that the Bank of Oklahoma (BOk), based in Tulsa, Oklahoma with operations in seven US states, has gone live on SunGard’s Kiodex Risk Workbench for energy derivatives pricing of new trades, and in just two months completed the migration of existing trades to the Kiodex Risk Workbench for position keeping and risk management on the complete portfolio.
Kiodex Risk Workbench is a Web-based commodities risk management solution that integrates deal capture, valuation models, risk measurement, financial reporting, and independent market data that includes representative prices, volatilities and volatility skews across the spectrum of commodity markets.
Brett Dean, chief operating officer at BOSC (a BOk subsidiary), said, "Using the ASP-based and standard risk reports provided by SunGard's Kiodex Risk Workbench helps us to continue to extend the important energy derivatives services we provide to our commercial loan customers, without adding operational and technology resources. It was important to us to move to a commodity-specific solution. Kiodex's ability to price a wide array of commodities helps us to provide our clients with the full advantage of accurate and independent valuation and risk reporting for commodity instruments, whether simple or complex. Because of its Web-based delivery and easy implementation we were able to start using Kiodex and its global market data quickly to price a full range of commodity products."
Ben Jackson, chief operating officer of SunGard's Kiodex business unit, said, "BOk and SunGard's support team for Kiodex can be very proud of the joint accomplishment of rapidly migrating BOk's sizable existing energy derivatives business, with trades numbering in the thousands, in very short order. BOk is taking broad advantage of what Kiodex offers, including front-ends and pricing tools for traders, the back office functionality for operations and the Greek and full Monte Carlo VaR reports for the risk managers."
Concurrent with the selection of SunGard Kiodex, BOk also selected SunGard's AvantGard to help price and manage risk for its interest rate and foreign exchange derivative transactions. BOk has also implemented SunGard's InTrader ASP fixed income processing solution for trade execution, portfolio accounting, funding, safekeeping, and correspondent services support, and SunGard's STN Settlements interface management solution to provide real-time, interactive trade comparison with the Fixed Income Clearing Corporation's (FICC) Real-Time Trade Matching (RTTM) services.