Simplex Technology adds credit derivatives module
spDeriv includes modules for valuation, trade entry, risk management, and report generation. At first, the system will include facilities for standard credit default swaps, with plans to later expand to structures such as credit-linked notes, total return swaps and first-to-default baskets. Simplex expects the system to be in use by the second quarter of 2003
Simplex was established in 1997, with most of the founders coming from trading, financial engineering, and trading technology backgrounds at Salomon Brothers (now Nikko Salomon Smith Barney).
Earlier this year, Simplex went public on Jasdaq in Japan and had annual revenue and pre-tax income for the year ending March 2002 of ¥1.6 billion ($13.3 million) and ¥300 million ($2.5 million) respectively.
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