Press Release
United Bank Limited implements the first straight-through-processing platform for derivatives in Pakistan
Leading bank goes live with the Principia System
Jersey City, New Jersey – May 24, 2005 – Principia Partners LLC, a leading technology provider of comprehensive front-to-back office solutions for managing highly complex structured financial assets, liabilities and derivatives, today announced that United Bank Limited (UBL) has successfully implemented the Principia System for managing its derivatives business. The bank is the first one in the country to adopt derivatives in its trading and risk management practices.
After an extensive review of derivatives risk management system, the bank selected the Principia System on the basis of its broad functionality and ease of installation and maintenance. As the swap market continues to evolve in Pakistan, the system will enable UBL to strengthen its first-to-market advantage in the Pakistani derivatives market. It will enable the bank to more accurately price, risk manage and account for a wide array of derivative instruments. Principia System’s core application met all of UBL’s business functional requirements for end to end processing.
The installation is currently situated at the bank’s treasury division at its head office in Karachi. “I believe this is the first of its kind: a straight-through-processing derivatives risk management system installed in Pakistan,” states Risha A. Mohyeddin, Group Executive, Treasury & Capital Markets at UBL. “We are delighted with the speed and efficiency with which the front-to-back office system implementation was accomplished. Principia provided outstanding training, consulting and support throughout the process.”
The bank also plans to leverage the integrated cross-asset functionality of the Principia System, including its fixed income and structured products portfolios, for unified portfolio management, risk management and accounting.
“We are proud to be associated with UBL and its achievements in the development of the derivatives market in Pakistan. Through this valued relationship, Principia is well-positioned to serve the rapid development of structured finance and derivatives in this strategic region,” states Theresa Adams, CEO and President of Principia Partners.
About Principia Partners
Principia Partners is the leading software provider for the management and administration of structured finance and credit investment operations. Some of the largest investors in structured credit ABS, MBS and CDOs use Principia SFP as the operational backbone for their portfolios. It enables them to consistently manage, analyze and report on these investments and their associated liabilities and hedges. On a single platform, clients can perform the full range of portfolio management, cashflow and exposure analysis, compliance, risk reporting and accounting activities demanded by their business. Operational inefficiencies associated with using multiple spreadsheets and undedicated systems are reduced by integrating and streamlining these activities on a unified platform that addresses challenges unique to the management of structured finance operations.
Principia SFP’s powerful analytics and ability to interface with, combine and consistently apply deal, cashflow and performance data from the leading industry providers empowers managers to know and understand their investments. On an ongoing basis, users have the control to track, analyze and evaluate risk exposures at the deal, tranche or collateral level and gain a consolidated view of risk across any number of portfolios. The fully auditable operational environment provides the flexibility needed to adapt to changing management, regulatory and accounting mandates and ensure transparency is consistently delivered to investors at every stage of the portfolio lifecycle.
For 15 years, the platform has been used by global commercial banks, insurance companies and investment managers, as well as supporting off-balance sheet operations such as ABCP conduits.
Principia Partners is headquartered in New York, with a European office in the City of London and a technology center in Conshohocken, Pennsylvania.
For press information contact:
Ben Jarrold
Tel: + 44 (0) 20 7618 1370
Email: Jarrold@ppllc.com