Quantifi, a leading provider of analytics and risk management solutions to the global credit markets, reports today that clients have begun using Quantifi to trade the new Standard North American Corporate (SNAC) CDS introduced with the ISDA Big Bang event. Quantifi released Version 9.1.4 in March of 2009 to support pricing, risk management and operations for the SNAC CDS. Quantifi Clients Begin Trading Standard North American Corporate (snac) CDS
John Burkert, managing partner and Quantifi RISK user at Tiden Capital, says, "As a Quantifi client for the past three years, we are continually impressed at the speed at which Quantifi can enhance their products to keep up with the rapidly changing markets. On the same morning that ISDA rolled out these changes, Quantifi had us prepared to easily price and book the new SNAC trades without any disruptions to our normal trading workflow. We’ve come to expect this kind of proactive performance from Quantifi."
As part of the company’s focus on helping firms trading the SNAC CDS, Quantifi has been closely monitoring their introduction and effect on market participants. A recent survey of Quantifi clients revealed that nearly 90% of respondents rated having support for the new SNAC CDS contracts as either important or very important to their business. Over half of the respondents felt that the new SNAC CDS contracts will change booking and risk management of their credit portfolios. Nearly 80% of Quantifi clients who responded to the survey stated that they felt their firms had completed all necessary changes for front, middle and back office processing for the ISDA Big Bang before April 8th.
Rohan Douglas, ceo of Quantifi, says, "We are working closely with clients to ensure a seamless transition to booking SNAC CDS trades. There has been a considerable increase in demand for our solutions from firms without internal and/or third party solutions that can accommodate the changes. Being first-to-market with the tools required to book and manage these instruments is allowing our clients to participate in the new contracts from their inception, and highlights our role as a market leader."
