Bank of Bermuda is using SunGard Trading and Risk Systems' ASP-based valuation service, Reech FastVal, at its global fund services (GFS) division.
Reech FastVal will be used to provide independent valuation or validation of clients' OTC contracts, supporting the complete range of OTC instrument types across equity, fixed income, FX and credit asset classes.
The service enables fund administrators to provide computations of the fair value and first order 'Greeks' of portfolios containing any product - from cash equities to complex exotics. The bank says Reech FastVal also has the flexibility to easily add new instrument types.
Chris Wilcockson, head of client services, Bank of Bermuda GFS, comments: "Generating timely and independent valuations for the 2800 funds under our administration globally requires a reliable, comprehensive service."
"Its full service capability also helps us reduce operating risk and improve efficiencies while providing full process independence for our clients," adds Wilcockson.