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 LLC (Principia) provides a comprehensive single platform solution for the end-to-end management of structured finance investments. Global financial institutions and independent asset managers have used the award winning Principia Structured Finance Platform since 1995 to unify investment analysis, portfolio management, risk surveillance, accounting and operational control across the breadth of structured credit assets, fixed income investments and complex derivatives.
For over 15 years Principia’s mission has been to help investors independently address the deal specific investment and cashflow analysis, valuation, risk management, reporting and due diligence requirements of structured credit investments and portfolios. Its dedicated support and continued development of functionality for structured finance instruments is accompanied by a proven and fully integrated derivative valuation framework. This overall credit investment and market risk solution delivers the robust backbone necessary for deeper investment analysis, proactive risk surveillance and operational control across the credit investment business.
Principia is based in New York, with an office in London and a technology center in Conshohocken, Pennsylvania. Principia SFP was awarded the Credit Technology Innovation award by Credit magazine in 2008, 2009 and 2010.
For press information contact:
Ben Jarrold
Tel: + 44 (0) 20 7618 1370
Email: Jarrold@ppllc.com