
MBRM buys Cygnifi intellectual property rights
The deal was struck in early December, and MBRM has already made a Cygnifi spreadsheet-based multi-currency pricing tool called Aladdin available to its customers via the internet. Barakat said Cygnifi’s web-based derivatives valuation application, Blue Derivatives Pricer, and Vizz Valuation Service, a web-based application developed to help manage portfolios of flow and exotic interest rate derivatives, were also likely to be offered to MBRM customers in the near future.
Cygnifi’s intellectual property was valued at $42 million at the height of the technology bubble, when the company was established as a spin-off from JP Morgan in 1999. It subsequently gained $22.3 million in financial backing in August 2000 from Lab Morgan, JP Morgan Chase’s venture capital arm, California-based internet specialist investor, Sybase, New York-based analytics company, Numerix, and the now defunct Bridge Information Systems.
But Cygnifi’s management failed to bring in further funding and the company filed for Chapter 11 bankrupcy protection in October 2001. New York-based online derivatives service provider Aurora Software bought non-exclusive rights to Cygnifi’s analytics library in February last year for an undisclosed sum. It is unclear if other companies have bought Cygnifi intellectual property on a non-exclusive basis.
MBRM’s deal also includes Kapital Risk Management System, counterparty credit exposure and risk system, Sampras, Collateral Manager, Collateral Heatmap, Jamshidian Swap Market Model, Djinni Swaps Pricer and Mondarian, a profit-and-loss and positions consolidation system.
While MBRM’s deal is non-exclusive, it is unlikely that others will now be able to purchase the company’s intellectual property. Cygnifi’s trustees entered the final round of the company’s liquidation sales process calling for sale agreement contracts to be completed on December 6 last year, with a payment deadline of December 13.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Technology
Risk applications and the cloud: driving better value and performance from key risk management architecture
Today's financial services organisations are increasingly looking to move their financial risk management applications to the cloud. But, according to a recent survey by Risk.net and SS&C Algorithmics, many risk professionals believe there is room for…
Machine learning models: the validation challenge
Machine learning models are seeing increasing demand across the capital markets spectrum. But how can firms improve their chances of gaining internal and regulatory approval for these type of models?
Banks strive for machine learning at quantum speed
Embryonic work on quantum neural networks raises hope of faster, more accurate models
Big banks seek solace in quantum-proof encryption
Barclays, JP Morgan and SocGen act to counter threat from next generation of computing
Facing the future: the growth of automation in Asia‑Pacific fixed income trading
How can automation improve fixed income trading strategies and best execution? In a recent Asia Risk webinar, in partnership with Tradeweb, a panel of market experts discussed the outlook for automation in the trading space
Moonshots and machines: can AI solve the problems of fincrime?
New technologies such as artificial intelligence (AI) and machine learning promise much in the battle against financial crime, but where are these solutions best deployed? A panel of anti-money laundering and analytics professionals convened for a Risk…
Next-generation technologies and the future of trading
At a Risk.net webinar in association with capital markets technology provider Numerix, panellists discuss the potential for increased adoption of the public cloud to boost investment performance, its impact on risk management and overcoming barriers to…