2004
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November 22, 2004 | TORONTO, CANADA
German Private Investment Bank Selects Platform Computing to Accelerate Equity Derivatives Trading
Sal. Oppenheim, one of the leading private banks in Europe, has chosen Platform Computing, the largest distributed and grid computing software vendor, to provide end-to-end grid solutions for its equity derivatives trading division. Sal. Oppenheim will use Platform's Platform Symphony™ to speed up complex, compute-intensive scenario-based models used for pricing and risk calculations to enable the private bank to make better-informed decisions to maintain its competitive edge in the equity derivatives trading market. Platform will also provide professional consulting services and support for Sal Oppenheim's distributed computing environment.
Founded in 1789, Sal. Oppenheim has about 1500 employees at 20 locations around Germany and Europe and manages 61 billion Euros in funds. In the equity derivatives trading division, Sal. Oppenheim processes large volumes of data for scenario based calculation models for risk and pricing on a daily basis. Calculations can take from a few minutes to hours. When the implementation is finalized in March 2005, the bank plans to use Platform Symphony to speed up calculation times to increase output of accurate data on which to base strategic decisions. This will be done by grid-enabling the applications over a virtualized computing infrastructure which will deliver more flexibility and speed as well as increased cost savings.
Sal. Oppenheim chose Platform Symphony following a three-month trial. It selected Platform Symphony over competitive offerings due to Platform Symphony's technical and business stability and Platform's service quality and experience in the financial services industry.
Peter Schwendner, Head of Quantitative Research at Sal. Oppenheim said, "On a daily basis, we strive to maintain our position as one of the leaders in the equity derivatives trading market. We anticipate that our grid solution will help us achieve this objective by handling the large quantities of data involved in pricing and risk calculation more effectively. Returning calculations with delays of even just seconds can result in the difference between profit and loss."
"Sal. Oppenheim is the first private investment bank to commit to a true grid strategy to increase its competitive edge," said Dominique Comte, managing director, Europe, Platform Computing. "In the financial services industry, managing market risk more effectively means that traders can make faster and more informed decisions. Financial institutions now have the ability to deploy software to the desktop, LOB or enterprise that will turbo charge complex, compute- and time-intensive applications across a virtualized infrastructure whilst using existing IT infrastructure."
With over ten years of experience in financial services, Platform provides software and services to a growing roster of financial services organizations, including Capital One, CCF/HSBC, Deutsche Bank, Fidelity Investments, JPMorgan Chase, Mackenzie Financial Corporation, Royal Bank of Canada, Societe Generale CIB, TD Canada Trust and others.
Platform Computing provides distributed and grid computing solutions that help enterprises accelerate key business applications, reduce operational and capital costs, guarantee service levels and optimize their IT resources. Platform's integrated desktop to enterprise grid software solutions are used by over 1,600 customers worldwide in the financial services, government, industrial manufacturing, electronics and life science industries to deliver higher quality products and services, improve business performance and maximize the return on it investments. Founded in 1992, platform has strategic relationships with Dell, HP, IBM, Apple, SAS and SGI, and the Industry's broadest application integration support. For more information visit www.platform.com.
Platform Symphony is software for accelerating the development and performance of online, real-time, compute- and data-intensive applications, and managing the underlying IT infrastructure to make business-critical decisions faster and more accurately. To ensure accelerated performance, the product delivers unique industry-leading features, including an advanced Application Development Environment (ADE) that simplifies and accelerates the development of grid-enabled applications, turbocharged processing to run applications quickly and efficiently, intelligent workload orchestration and resource provisioning to dynamically match workload and application demand to IT resource supply and easy manageability through a centralized, web-based management interface.
The product's real-time, service-oriented architecture allows organizations to maximize their IT resources and accelerate performance by hosting Web services and servicing high throughput and compute intensive requests. Platform Symphony is currently the only solution available that supports all commonly adopted standards, including .NET and J2EE, in production.
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