The usage of complex spreadsheets is growing within financial markets as traders and risk managers have to deal with ever more complex data and data analysis problems. Set against these vital end-user needs are the operational risks and regulatory concerns about over-use and over-reliance upon spreadsheet calculations.
Whilst many data management systems deal with the control of well-understood and well structured data, Xenomorph has extended its TimeScape system to cope with the unstructured data and calculations found in spreadsheets. Xenomorph's Spread-Sheet Inside technology enables complex spreadsheet calculations to be embedded server-side within TimeScape's XDB database engine.
Greg Johnson, Chief Executive Officer, Xenomorph, said "The whole financial markets industry is becoming more and more aware that spreadsheet over-use is a key operational risk which translates very directly into regulatory costs and overheads. Spread-Sheet Inside technology is an innovative way to bring this unstructured data under transparent, accessible, centralised control, whilst still allowing business users the flexibility to use spreadsheet operations to deal with difficult data problems."
Bill Hartnett, GM of strategy and solutions, Microsoft U.S. Financial Services Group, said "Xenomorph's Spread-Sheet Inside is an important partner technology that achieves spreadsheet calculation compliance on the Windows Platform, bringing together spreadsheet power and flexibility with database centralisation and transparency."