News and Events
Regularly updated information on Verasis and related industry topics.
Dec 2007
Verasis Server 2.2 Development of Credit component
Development of Version 2 of the Verasis Server Credit Risk component has commenced and is scheduled for release in Q1 2008. This satisfies the Capital Requirements Directive and will help financial organisations comply under pillar 3 of the Basel Accord.
The module supports a full IRB (Internal Rating Basis) for Capital Calculations, combining internal weightings and score cards to facilitate PD (probability of default) calculations.
The component incorporates the ability to define multiple forward date valuation points and combine them with stress and historic market data scenarios. This enables it to perform LGD (loss given default) and EAD (exposure at default) calculations across multiple asset classes.
Nov 2007
Verasis Server 2.2 FRONT ARENA interface goes live at AIBC Dublin The Verasis Server/FRONT ARENA trades interface has gone live at Anglo Irish Banking Corporation in Dublin. The interface resides in Verasis Server, capturing and emulating trades, as well as positions and reference data maintained in FRONT ARENA.
Nov 2007
Verasis Server 2.2 Liquidity component commences beta testing
Version 1 of the Verasis Server Liquidity Risk component has been released. This incorporates functionality to facilitate both internal and external regulatory liquidity management and reporting. The regulatory liquidity reports defined and prescribed by Rialtóir Airgeadais (Irish Financial Regulator) have been integrated and are fully supported.
Oct 2007
Verasis Server 2.2 SunGard FRONT ARENA interface SunGard’s FRONT ARENA is the latest third-party system to interface with Verasis Server. This enables the following trade and transaction types:
- Interest Rate Swaps (fixed vs float)
- Cross Currency Swaps
- Basis Swaps
- Zero Coupon Bonds
- Interest Bearing Deposits
- Cap/Floors
- Swaptions
Oct 2007
Verasis Server 2.2 Liquidity component in development The Verasis 2.2 Liquidity component incorporates the regulatory structure of the Central Bank of Ireland. It produces both trader-orientated liquidity numbers and the hard-copy regulator template for liquidity reporting.
Scenario-based calculations allow the inclusion of various credit spreads, as well as the input of haircuts. Additional benefits include increased awareness and understanding of Asset and Liability behaviour patterns, through enhanced activity monitoring. Enhanced cash flow management also facilitates synergy savings for staff and more efficient daily liquidity management.
Sep 2007
Verasis Server 2.2 Verasis Server 2.2 goes live at AIBC
You can download a full PDF of this press release from the archive.
AIBC has now successfully upgraded to Verasis Server 2.2. This gives the bank enhanced VaR and Sensitivity Stress Testing. It also provides Asset and Liability Management functionality, using multiple market data sources across wholesale and retail asset and liability classes.
Fergal Mullin (AIBC Group Risk) says:
“The project and upgrade to version 2.2 of Verasis Server provides the bank with significant gains in both functionality and speed.
“The speed enhancements delivered in version 2.2 make intra-day full historical simulation VaR possible.
“Version 2.2 also provides us with a broader set of tools with which to regulate, stress and appraise the Treasury area of the bank.
“The speed and success of the upgrade project represents the culmination of an enormous effort from the AIBC Treasury Risk/ALM and Verasis teams. The speed with which the system can be validated is greatly enhanced by:
- The configurable “logging” function, allowing the publication of full valuation detail
- Use of standardised FINCAD objects that can be validated in isolation via FINCAD XL
- Verasis’ open approach to both data and business processes
Verasis Server 2.2 provides the following upgraded functions and benefits:
- Valuation Engine: improved architecture, giving speed and efficiency gains
- Supports multi-threading, leading to improved performance
- ALM component: retail and treasury analysis and reconciliation
- Cash flow profiles, allowing specific selections for processing
- Back-testing improvements: fully automated process for justifying VaR model selection and corresponding VaR results
- Sensitivity component: enhanced detection of shifts in FX rates and volatilities for FX, Caps and Floors, and Swaptions
- Multi-entity processing
July 2007
Verasis Server 2.2 ALM component commences beta testing
The development of the Asset and Liability Management component enables a bank’s treasury and retail books to be analysed and reconciled, automatically and in real-time. It profiles the retail book’s asset and liabilities in relation to treasury deals. In so doing it allows:
- Full day-to-day reporting comparison functionality
- The archiving of historical reports
- Improved drill-down functionality
- Identification of day-to-day differences, with drill-down within those differences
Oct 2006
Verasis Server 2.2 Wholesale and retail interface released for beta testing The Verasis Server 2.2 Sensitivity component has been released for beta testing. This provides front, middle and back offices with a fast, flexible and accurate means to establish sensitivity to user-defined shifts in market data. It operates across an extensive range of vanilla and derivative trades (linear and option based) and interfaces with wholesale and retail systems. These include Verasis Trade Finance, Misys OPICS, and TEMENOS T24.
Oct 2006
Verasis Server 2.1 AIBC Dublin adopts latest Mark-to-Market component
The Verasis Server 2.1 MTM component has gone live at a leading European bank. It is being used for calculation of MTM and Greeks of European and Bermudan Swaptions maintained in third-party treasury trading systems.
Sep 2006
Verasis Server 2.0 Hedge Effectiveness component supports Cash Flow
and Fair Value business
The Verasis Server 2.0 HE component (phase 1) has gone live. This follows an extensive development and testing programme, which was completed on time and on budget. The HE application provides the full range of requirements for Cash Flow and Fair Value business.
These include:
- Retail balance interface, behaviour modelling and adjustment
- Hedge/derivative trade interface
- Relationship allocation and hypothetical trade generation
- Prospective, retrospective testing: regression analysis and validation
- Effectiveness calculation
Development of phases 2 and 3 of the Verasis Server 2.0 HE component is underway. These will provide additional relationships and full accounting.
Aug 2006
Verasis Server 2.0 State-of-the-art support to business layer of
Verasis applications
With the completion of Verasis Platform 2.0, migration of the full suite of Verasis software has commenced. The platform combines object-oriented development, with a service-oriented architecture. This provides a state-of-the-art and future-proof technical layer, which supports the business layer of all Verasis applications.
May 2006
Verasis Server 1.0 Leading European bank adopts VAR component
One of Europe’s fastest growing banks, AIBC Dublin, has gone live with the VAR component of Verasis Server 1.0. This Historical and Monte Carlo simulation-based solution provides fully integrated back-testing, stress testing and reporting. It complies fully with Pillars 1 & 2 of the Basel II market risk requirements.
If you would like more general information on Veratec or Verasis, please contact us on +44 (0)20 7375 1000, or email us at info@verasis.com.
Veratec Ltd does NOT claim any ownership of FRONT ARENA. FRONT ARENA is the property of the SunGard Data Systems Inc group of companies. Veratec Ltd is not linked to or endorsed by SunGard Data Systems Inc. Nothing on this website shall grant or purports to grant any rights in or licences to use FRONT ARENA.
Veratec Ltd does NOT claim any ownership of OPICS. OPICS is the property of members of the Misys plc group of companies. Veratec Ltd is not linked to or endorsed by Misys plc. Nothing on this website shall grant or purports to grant any rights in or licences to use OPICS.
Veratec Ltd does NOT claim any ownership of TEMENOS T24. TEMENOS T24 is the property of members of the TEMENOS group of companies. Veratec Ltd is not linked to or endorsed by TEMENOS. Nothing on this website shall grant or purports to grant any rights in or licences to use TEMENOS T24.
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