Reval, a global leader in financial risk management solutions and services delivered under the Software-as-a-Service (SaaS) model, announced today the release of its latest upgrade of HedgeRx® Version 8.0. Reval continues to lead the way with cross asset class coverage with its new Credit Default Swap module adding to its robust functionality around interest rate, FX, energy, metals and soft commodities. Version 8.0 also includes further enhancements to its FAS 157 module, along with advanced hedge accounting functionality.
Reval’s Software-as-a-Service platform delivered an instantaneous, seamless, single version upgrade to all Reval clients this past weekend. This major release marks the 27th consecutive version upgrade of Reval’s HedgeRx since 2001. Reval continues to be at the forefront of tackling FAS/IAS issues that most vendors haven’t even addressed. "Credit, liquidity and accurate pricing are on the top of everyone’s minds with the current turmoil in the financial markets," adds Jiro Okochi, CEO of Reval. "Our new release tackles these issues head on and our ‘no one gets left behind’ approach to upgrades means any of our clients can benefit immediately from our new version," continued Okochi.
Phil Pettinato, Reval’s chief operating officer, commented on the new release, "Reval’s zero-cost upgrade allows all of our clients to immediately profit from recent enhancements. With such rapid changes in regulatory requirements, our clients benefit from an up-to-date and evolving product. Having our entire client base on a single version of software allows our product development team to focus on critical product enhancements rather than supporting and upgrading older versions."
FAS 157 Reporting Nightmares Solved With HedgeRx Version 8.0
Most companies will be reporting on FAS 157, a fair valuation disclosure, for the first time on March 31st. The standard is very complicated, as companies now need to include the credit and liquidity component of the fair value of their derivatives and any other assets or liabilities that are currently being mark to market. Fair values also need to be tagged with a Level 1 through 3 tag, depending on how reliable the fair value is deemed.
With this release, Reval’s FAS 157 Module, originally introduced in October 2007, has been enhanced to support a more flexible approach to FAS 157 implementation, to facilitate deployment and to streamline disclosure reporting. Clients can also easily upgrade with utilities that automatically assign the fair value hierarchy levels and other FAS 157 data to the trades. Critical FAS 157 Level 3 Reporting includes roll-forward reports, which capture the impact of earning and OCI movements in a new, easy to use format.
Credit Derivatives
Reval’s HedgeRx Version 8.0 debuts its new Credit Derivatives Module with Single Name Credit Default Swaps, continuing its breadth in coverage across multiple asset classes, all fully integrated on a single version. Now companies can price and manage derivatives with equal depth of functionality across a wide variety of interest rate, FX and commodity derivatives over the Internet.
Weak Dollar Wakes Companies Up To Hedging
The continued hammering of the greenback has wreaked havoc with companies who have not hedged any US dollar exposure. Version 8.0 adds even more Foreign Exchange related features and benefits to allow more straight through processing and cheaper alternatives to hedging. New FX Instruments include double average rate foreign currency forwards and options and enhanced methods to book currency exposures being hedged. Additional post-trade accounting reports specific to active FX hedgers have also been included.
