"We understand the unique challenges facing the banking and financial services industry today, particularly when attempting to address the issue of calculating pricing models," stated Nigel Cairns, President and CEO of QuIC Financial Technologies, Inc. "With the launch of QuIC Mechanics CDL, we are solidifying our footprint in the structured product marketplace, providing our customers with a best-in-class tool to accurately price structured products and make better informed decisions across their operations."

A key component of QuIC Mechanics CDL is the Contract Definition Language, a high-level, human readable description of a transaction, which brings added convenience and performance to a broad range of complex instruments and structured products. QuIC Mechanics CDL represents a new, modularized packaging of QuIC's models and solvers and allows for standard interfaces, resulting in higher memory efficiency and significant performance improvements. It easily captures all the data and information related to a trade, streamlines pricing model processes and defines new trade types in a fraction of the time which facilitates quicker and more accurate pricing of structured products.

With a practical plug and play feature, QuIC Mechanics CDL integrates with many of the finance industry's leading models and eliminates the need for users to understand each specific programming language before creating a transaction, resulting in increased interoperability and a high level of functionality and performance. With QuIC Mechanics CDL, the Contract Definition Language is separated from the numerical solution, which means the user does not need to bebe an expert in mathematics to perform the application. QuIC Mechanics CDL easily links to trade capture systems; powers the analytics for third party providers; and improves the consistency across pricing and risk management in all areas of business operations.

"With increased volatility in global markets and ever-changing requirements within the structured products market, banking and financial institutions are demanding a faster, more robust pricing and risk structuring framework," added Tony Coppellotti, Chief Technology Officer for QuIC. "Our mission is to provide our clients with the most effective and accurate quantitative solutions in the marketplace, so the launch of QuIC Mechanics CDL is a direct response to meet the needs of our clients in this industry."

This latest product offering from QuIC can also be adapted for modeling instruments for risk management requirements such as calculating credit risk and counterparty exposure. This will provide consistency and accuracy to risk calculations of complex instruments for banking institutions. In line with this announcement, QuIC has introduced new pricing models that are used by QuIC Mechanics CDL, such as its enhanced Multi Currency BGM Model. The Multi Currency BGM Model allows users to price most types of transactions in a single model, resulting in increased consistency and faster time-to-market for its users.