QuIC Breaks Benchmark Speed and Performance by 30% Using New Intel® Technology

Apr 20, 2009

QuIC Financial Technologies Inc., a leading global provider of risk management, pricing and financial analytics solutions, has again set new standards for speed and performance metrics for QuIC technology as a result of incorporating a new microarchitecture from Intel®.

Having achieved record results for speed and performance during the initial benchmark test using risk scenario data sets in November 2008, QuIC repeated the benchmark test using the recently launched Intel®Xeon® 5500 series processors and received a thirty percent increase in speed with the same portfolio. Designed to test real-world environments, QuIC’s benchmark portfolio covers Credit Derivatives, Interest Rate Derivatives, Equity Derivatives and FX Derivatives; running Potential Future Exposure (PFE) calculations using Monte Carlo generated scenarios.

“We are extremely excited about our recent benchmark test results using Intel’s latest technology,” said Tony Coppellotti, chief technology officer for QuIC. “With capital being even more scarce, banks need to be very stringent on their assessment of counterparty credit and are demanding the highest level of accuracy in their calculations, at quicker speeds than ever before. Understanding this need, our team, in conjunction with Intel, is focused on advancing our technology, continually increasing our speed and improving our performance to ensure that banks have the right tools to calculate the risk on a growing number of scenarios and complex positions needed to compete in today’s market.”

“In order to advance our risk management technology to meet both our in-house standards for speed and performance and the growing complexity of customer requirements, testing all components of our solution to extremely rigorous and stringent benchmarks is key to our success,” added Coppellotti. “We are also pleased to reach this level of performance whilst retaining the full flexibility to customise pricing and valuation models. As our customers are well aware, giving up flexibility to achieve performance is not a good strategy for managing cost of ownership or maintaining time to market for new products”

"Once again we are pleased that Intel continues to deliver the processing speed and power to handle the massive calculations and scenarios demanded by QuIC’s solutions,” stated Nigel Woodward, Intel's global director, Financial Services. "Risk analytics in the banking industry are becoming totally mission critical and we are enthusiastic to continue our efforts with QuIC to help meet the intensive risk scenario and analytics calculations that will more than ever be demanded by banking customers around the globe.”

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