Numerix, the leading provider of cross-asset analytics for derivatives valuations and risk management, today announced the signing of Hana Daetoo Securities as its first direct Korean customer.
Hana Daetoo Securities is the investment banking arm of the Hana Financial Group (HFG) which owns Hana Bank, the third largest bank by asset value in Korea.
Hana Daetoo Securities will utilize Numerix Portfolio across their derivatives desk for trade capture and management, along with enterprise wide risk management of their derivatives positions via Numerix Portfolio's extensive reporting and scenario analysis capabilities with calculations in a fast and efficient manner. Hana Daetoo's trading desks will also utilize Numerix CrossAsset XL pricing and analytics solution for the structuring and issuance of new derivative products by the wide range of models for the Korean market.
The signing of Hana Daetoo is a direct result of Numerix's new regional consulting - distribution partnership with Korean based STI CS Inc.
"We are very pleased that Hana Daetoo is our first direct Korean client," said Numerix President and COO Steven R. O'Hanlon. "The Korean derivatives market is one of the fastest growing markets and through the use of our global market standard models along with the unparalleled transparency in the structuring and pricing and valuation tools that we provide, Hana Daetoo will immediately have all the necessary analytics and risk solutions to scale its derivatives platform. Moreover, our strong partnership with STI will help us deliver our industry leading products and analytics to important customers like Hana Daetoo and the broad Korean market."
"STI CS is also pleased to have played a strategic role in helping Numerix to secure its first client in the Korean region," said Donnie Choi, President of STI CS, "The successful introduction and signing of Hana Daetoo represents a win for all three organizations."