GlobeOp teams with TradeWeb and Suite for CDS/CDO valuations; names Ohan director, GoMarkets
19 January 2006 | 1589 views | 0
GlobeOp Financial Services, a provider of risk, operations and administration services to the global funds management community, has added Suite LLC's ALib analytics pricing module for credit derivatives to its technical infrastructure.
The agreement builds on GlobeOp's prior relationship with Suite for fixed income pricing, adding a new module to support valuation of credit instruments ranging from single name CDSs to multi-name credit products such as CDOs, CLOs and CDOs of CDOs. Thomson TradeWeb, a leading network for online fixed income markets, went live in the fall of 2005 with Suite's library to calculate the fair value of prospective trades for their online CDS execution platform.
"GlobeOp selected Suite's new credit derivatives offering based on the acceptance it has achieved among our practitioner clients, as well as our long-standing success with Suite's fixed income product," said Jerome Barraquand, Managing Director of GlobeOp Risk Services. "We know credit traders rely on Suite's models for pricing both on their desktops and through e-trading platforms. It makes sense that we conform our ongoing valuation and risk reporting using the same analytics. We are also impressed with Suite's commitment to ongoing product improvement and quality and look forward to working with them as they continue to enhance the functionality of the library to help meet the needs of our growing client base."
Lee Olesky, president of TradeWeb, noted, "We are happy to be teamed with Suite LLC for our CDS valuations, and their new partnership with Globe-Op makes it clear that Suite is establishing a position as a market-accepted provider."
"GlobeOp and TradeWeb are two great examples of companies taking full advantage of the transparency ALib offers and our commitment to working with clients to develop the tools they need," said Ed Chester, a Suite founding partner. "We are proud to expand our relationship with GlobeOp as the global acceptance of Suite's products continues to grow."
ALib's multi-name credit functionality is a semi-analytic method devised by Suite LLC partner Dr. Gene Schupak.
Separately, GlobeOp Financial Services today announced the appointment of Roger Ohan as Director - GoMarkets, GlobeOp's new electronic trading and connectivity platform. Ohan brings more than 20 years of financial services experience to the new position. He will be based in GlobeOp's London office and will work with Ed Condon, Director of GlobeOp Markets.
"Roger's breadth of market and product experience will be an important component of the roll out for GoMarkets to the financial community," Condon said. "He has been instrumental in building businesses both within large organizations and as stand alone entities, and his drive is well matched to GlobeOp's."
Ohan added, "The GlobeOp Markets team is developing a variety of products to allow clients to implement front office to back office STP and increase trading efficiency electronically. I am impressed with the quality, power and versatility of GoMarkets, and look forward to introducing it to GlobeOp's clients worldwide."
Ohan has served as a consultant to the financial services industry, as well as held a number of senior posts with financial services organizations, including Managing Director with Chemical Bank and Partner with Brunswick Capital Management Inc. He earned a bachelor's degree in electrical engineering from the University of Ottawa and a master's of business administration degree from INSEAD.