Numerix, the leading provider of cross-asset analytics for derivatives valuations and risk management has opened a new office in Mumbai, India to provide local sales and quantitative support in the Indian region.
The new Mumbai office symbolizes the growing demand for independent pricing and valuation solutions in support of the growing derivatives markets in India and also serves as a representation of Numerix's continuing strategic commitment to the Asian region.
"We are pleased to now be in a position to provide permanent local support for our Indian clients," said Numerix President and COO, Steven R. O'Hanlon. "Given the continued expansion of the derivatives markets across the region, having local sales and quantitative support for our Indian clientele is critical as India continues to emerge as a derivatives powerhouse. Our commitment to the Asian marketplace goes back more than a decade and the growth of the Indian derivatives markets has been matched by the growth of Numerix. I am confident in our firm's continued ability to grow and to meet the strategic pricing, analytics and risk management needs of our clients across the region. "
"The introduction of derivatives instruments as a form of risk management in India continues to gain momentum due to the Reserve Bank of India's efforts in allowing forward contracts and cross currency options," states Erdem Ozgul, Senior Vice President, Asia Pacific Sales for Numerix. "Our new presence in India coincides with the continued expansion of the Indian economy and the further integration of India's financial markets with the international financial markets. We also look forward to the Wealth-management & Private-banking arms of Indian financial institutions leveraging from the proven expertise of Numerix in the arena of structured investment-products."
"After the events of 2008 and 2009 and the ensuing focus on rigorous risk management practices and accurate pricing of assets, Celent is witnessing strong demand for flexible analytics and portfolio risk solutions for derivatives and structured products such as the solution suite from Numerix," states Dr. M. Habbal, Senior Vice President, Head of Securities & Investments, Celent.
The Mumbai office will be managed by Satish Chandra, reporting directly to, Erdem Ozgul, Senior Vice President, Asia Pacific Sales.