Numerix, the leading provider of cross-asset analytics for derivatives valuations and risk management has opened a new regional office in Seoul, South Korea, becoming the first derivatives analytics company to provide local sales and quantitative support in the South Korean region.
The new Seoul office symbolizes the growth and importance of the derivatives markets in South Korea and serves as a representation of Numerix's continuing strategic commitment to the Asian region and to providing sales and analytical support at the local level.
Numerix has been active in the Asian region since 1998 with offices in China, Hong Kong, Singapore, Tokyo and now South Korea. Numerix continues to successfully expand its presence in the Asian region, experiencing double-digit client growth with the addition of 30 plus new institutions to its Asian client roster. In addition to opening the new South Korean office, other regional highlights included:
* Signing the first direct customer in South Korea - Hana Daetoo Securities.
* Implementation of Numerix Bloomberg Edition (NBE) and Numerix CrossAsset SDK running on the Microsoft Windows® HPC Server 2008 at a top South Korean investment banking and brokerage firm - Samsung Securities.
* Partnering with the largest consulting and IT consulting firm in Japan - Nomura Research Institute (NRI).
* Signing the first Numerix asset management client in Japan to use Numerix CrossAsset for pricing and risk management.
* The launch and activation of Numerix's new corporate website for the Japanese market place.
"We are pleased to now be in a position to provide permanent local support for our South Korean clients," said Numerix President and COO, Steven R. O'Hanlon. Given the continued expansion of the derivatives markets across the region, having local quantitative and sales support for our South Korean clientele is critical as we assist institutions in developing the best practices necessary in this market. Our commitment to the Asian marketplace goes back more than a decade and the growth of the Asian derivatives markets has been matched by the growth of Numerix. I am confident in our firm's continued ability to grow and to meet the strategic pricing, analytics and risk management needs of our clients across the region."
The Seoul office will be managed by Jinwoo Park, Vice President, who is responsible for the region. Park reports to Yukiko Nakamura, Managing Director of Numerix Korean market operations and Managing Director of Japan Operations.