Welcome to the world's first Application Service Provider directory for the derivatives and risk management markets!

In conjunction with PVA International, a New York-based capital-markets technology consulting firm, we compiled this directory from responses to a questionnaire sent to more than 250 companies. In the end, we chose 32 companies out of more than 50 responses, based on our definition of an ASP.

For the purposes of this directory, we define an ASP as any company that provides access to an application over the Internet on a fee-per time/usage-based model. In order to qualify as an ASP, therefore, the company itself should provide complete access to an application service into an enterprise.

This definition does not include software companies offering software services over the Internet, and it does not include on-line exchanges or clearinghouses offering preexisting customers access to their own proprietary risk management software as a value-added service available at a fee.

By establishing this as a benchmark definition, we hope to provide the market with black and white answers in a gray market area. The survey should allow readers to get a good sense of this nascent market and how it is developing.

The Tables are meant to be particularly helpful. We compare ASPs based on five broad definitions—functionality, support, reporting, security and pricing. Before you subscribe, it might be wise to look at the results, since there are plenty of surprises!

Algorithmics Inc.
185 Spadina Avenue
Toronto, Ontario, Canada M5T 2C6
Contact: Dave Paolini
Phone: 416-217-4210
E-mail: Dpaolini@algorithmics.com
Web Site: www.algorithmics.com

Algorithmics offers a group of applications known as the Algo Suite for ASP. Algo Market measures, manages and optimizes market risks across multiple, diverse asset classes and product types; Algo ALM measures and manages balance sheet market and liquidity risk; Algo Credit measures and manages credit risk across the enterprise, including counter-party credit exposure, portfolio credit and the risk of specific bonds.

Algo Suite also allows customers to build their own risk management ASPs for their clients. In Algo Suite, market data can be manipulated to produce "Mark-to-Future Cubes” containing risk-adjusted data relevant to the traded instruments of a financial institution's clients over multiple scenarios and time steps. Customers can use these cubes to offer clients thin, web-enabled applications that deliver personalized and intuitive risk views of client portfolios, delivered quickly and securely over proprietary and Internet networks. The ASP targets financial service firms, energy and other commodity traders, asset managers and retail investors worldwide.

Pricing: Based on a usage fee per customer.

Arcordia LLC
500 Stanton Christiana Road
Newark, DE 19713
Contact: David Marlborough
Phone: 44-207-322-0500
E-mail: Further.info@arcordia.com
Web Site: www.arcordia.com

Arcordia offers post-trade technology and operational support for the settlement and management of over-the-counter derivatives. The services cover all aspects of the post-trade cycle, including trade capture, settlement, confirmation, accounting and documentation. It can cover multiple products, locations and entities. Many of the constituent component applications can be used across a range of capital market products. It targets all users of OTC derivatives, including banks, fund managers and large corporates.

Pricing: Based on the number of transactions, product mix, volume and the service components provided. Contact the company for more details.

Askari (a State Street business)
100 Avenue of the Americas
New York, NY 10013
Web Site: www.askari.com

TruView is an integrated risk-, performance- and compliance-management application for institutional investors, investment managers, hedge funds, prime brokers, insurance companies, plan sponsors, public funds, endowments and foundations. It covers most markets and securities, and offers foreign exchange and derivatives pricing. New pricing models can be added easily.

Pricing: $250,000 to $750,000 per year.

Axiom Software
Laboratories
63 Wall Street
New York, NY 10005
Contact: Alex Tsigutkin
Phone: 212-248-4188
E-mail: Atsigutkin@axiomsl.com
Web Site: www.axiomsl.com

Axiomsl.com provides market and credit risk processing services for the financial, energy and commodities markets. The service also provides data management functionality for portfolio analysis and risk calculations. It targets buy-side and sell-side institutions, including hedge funds, asset managers, small to mid-sized banks, insurance companies, fund managers and corporations in the energy and commodity trading business.

Pricing: Based on size of portfolios, range and depth of instrument, and types of reports and frequency required.

BlackRock Solutions
345 Park Avenue, 29th Floor
New York, NY 10154
Contact: Rob Goldstein
Phone: 212-409-3373
E-mail: rgoldstein@blackrock.com
Web Site: www.blackrock.com

BlackRock has three ASPs: Aladdin, BlackRock Solutions' Enterprise Investment System, offers straight-through processing from execution to settlement, including daily risk management reporting. It covers an array of fixed-income products and an increasing number of equity products. The Risk Management Reporting package offers comprehensive, state-of-the-practice risk management reporting, including value-at-risk and compliance monitoring, allowing clients to customize valuation model parameters. ANSER is a web-enabled bond calculator that accesses BlackRock Solutions' suite of analytics for institutions requiring intraday fixed-income analytics.

Pricing: Pricing for the Enterprise Investment System is based on number of users, sites and computational requirements. For an additional fee, BlackRock Solutions can incorporate a custom pricing model. Pricing for the Risk Management Reporting is based on reporting frequency, assets under management and portfolio complexity. Pricing for ANSER is based on assets under management, the number of users, portfolios and locations. Contact the company.

Cygnifi
2 Rector Street, 12th Floor
New York, NY 10006
Contact: Kristen McCrossan
Phone: 212-485-3270
E-mail: Mccrossan_kristen@cygnifi.com

Cygnifi provides full front- and middle-office functionality for derivatives, including valuation, portfolio management, life cycle management, market risk, credit risk, legal risk, collateral management and reporting. The ASP targets derivatives market-makers as well as end-users, and covers a broad variety of plain-vanilla and exotic derivative instruments for fixed-income and foreign exchange. Its client base includes investment banks, commercial banks, corporates, insurance companies, supranational agencies, asset managers and hedge funds.

Pricing: Contact the company.

FENICS Software
22 Chapter Street
London SW1P 4NP, United Kingdom
Contact: Ed Han
Phone: 212-208-0800
E-mail: info@fenics.com
Web Site: www.fenics.com

Fenics.com is a foreign exchange options portal that offers option pricing, access to market rates, portfolio storage, trading strategies, industry links and forums. It primarily targets buy-side users of FX options, but also provides banks interactivity with their clients, and deal-flow management. It supports Black Scholes, Garman Kohlhagen, Cox and Rubinstein, and includes an open back end for adding new models for customers.

Pricing: Basic access is free, and there are three subscription levels based on functionality.

FinTech
233 Broadway, Suite 2215
New York, NY 10279
Contact: Steve Victore
Phone: 212-618-1351
E-mail: svictore@fintech.com
Web Site: www.fintech.com

FinTech Financial Toolkit is a buy-side ASP that includes a trading and portfolio management platform with automated links between investors, money managers and service providers. It aggregates and disaggregates financial positions for analysis, execution, accounting and reporting. The applications embedded in the platform, which are multicurrency and support many asset classes, provide front-to-back-office functionality. It targets hedge funds, money managers and their investors.

Pricing: $2,000 per user, per month for money managers; 10 to 20 basis points of assets under management for investors.

FinTrack Systems Corp.
11 Broadway, 7th Floor
New York, NY 10004
Contact: Stefan Magnusson, vice president of financial e-commerce
Phone: 212-344-8655
E-mail: Stefan@fintrack.com
Web Site: www.fintrack.com

The Online Treasury Management ASP offers derivatives pricing, asset/liability management, transaction execution and management, portfolio management, and risk management solutions. The system covers swaps, swaptions, caps and floors, options, spot and forward foreign exchange, FX options, bonds, bond options, futures, and equities. It supports models for full valuation of all products, and offers value-at-risk and Greeks. It targets treasury groups of small and medium-sized companies, fixed-income money managers, small financial institutions and municipal treasury groups.

Pricing: Contact the company.

FNX Ltd.
61 Broadway, Suite 2810
New York, NY 10006
Contact: David Boldon
Phone: 212-363-9500
E-mail: Info@fnx.com
Web Site: www.fnx.com

Sierra ASP provides straight-through processing for a variety of financial products including foreign exchange cash and options, interest rate derivatives, money markets and spot fixed-income instruments. Services include valuation, deal capture, ad hoc reporting, event management, risk reporting, nostro management and account-entry generation. The product supports industry standard analytics for pricing vanilla and exotic FX and interest rate options and derivatives as well as a number of interest-rate term-structure models, including Ho and Lee, Black Karasinski, and Hull and White. It targets small and mid-sized banks and corporate treasuries.

Pricing: There is a one-time set-up fee and a per-trade fee. Contact the company for more details.

Forexmanage.com
Suite 1014, Silver House
7 Abba Hillel, Ramat Gan, Israel 52522
Phone: 972-3-6137222
E-mail: datika@forexmanage.com
Web Site: www.forexmanage.com

Forexmanage.com allows users to trade currency spot, forward and options products. It targets financial institutions and supports a range of pricing applications.

Pricing: After a three-month free trial, there is a fixed monthly fee. Contact the company.

Imagine Software Inc.
400 Madison Avenue
New York, NY 10017
Contact: Scott Sherman
Phone: 212-317-7600
E-mail: scott@imagine-sw.com
Web Site: www.imagine-sw.com

Derivatives.com is a portal that accesses the Imagine Trading System, a real-time derivatives risk management and trading system. It provides a host of services to support derivatives trading, including a fully maintained international securities master, projected dividends, implied and historical volatilities, and dividend, financing and accrual postings. It targets hedge funds, mutual funds, pension funds, regional banks, corporates, brokerages and market makers that specialize in convertible bond trading and market making.

Pricing: Approximately $5,000 per user, per month.

Kamakura Corp.
2800 Woodlawn Drive
Honolulu, HI 96822
Contact: Amit Matta
Phone: 212-822-8533
E-mail: amatta@kamakuraco.com
Web Site: www.kamakuraco.com

Kamakura On-line Processing Services is a risk management service covering a variety of fixed-income and fixed-income derivatives. It supports five different versions of the Heath-Jarrow-Morton interest rate model; Black Scholes; Lattice approaches; prepayment modeling; and Monte Carlo modeling. The service targets banks, insurance companies, corporate treasurers and portfolio managers.

Pricing: From $10,000 to $500,000 or more. Contact the company.

Kiodex Inc.
3 New York Plaza, 15th Floor
New York, NY 10004
Contact: Joachim Emanuelsson
Phone: 646-437-3816
E-mail: joachim.emanuelsson@kiodex.com
Web Site: www.kiodex.com

Kiodex Risk Workbench is a trade engine and risk management ASP for users of commodity derivatives.

Pricing: Contact the company.

Londex International Ltd.
100 Great West Road,
Brentford, Middlesex, TW8 9HH,
United Kingdom
Contact: George Leckie
Phone: 44-20-8261-4454
E-mail: sales@londex.com

Londex provides inter-bank straight-through processing for OTC derivatives market. It targets investment banks, fund managers and non-financial corporations involved in derivatives trading activities.

Pricing: There is a joining fee and then transaction fees, which vary from around £1 to £5 depending on types and message volumes. Contact the company.

MB Risk Management
(a Financial Systems Software company)
Warnford Court
Throgmorton Street, London EC2N 2AT
United Kingdom
Contact: Mamdouh Barakat
Phone: 44-20-7628-2007
E-mail: mamdouh@mbrm.com
Web Site: www.mbrm.com

Mbrm.com provides online analytics covering bonds, commodities, energy, equities, foreign exchange and money-market products. Services include option analytics, convertible bond analytics, asset swap analysis and cheapest-to-deliver analysis. It targets banks, brokers, corporates, insurance companies, investment managers, mutual fund managers, service firms and venture capitalists.

Pricing: Free.

Measurisk
342 Madison Ave.
New York, NY 10173
Contact: M. Sperando
Phone: 212-784-7015
E-mail: mitzi@measurisk.com
Web Site: www.measurisk.com

InterSight is a web-based service that allows users to dynamically calculate risk and generate customized reporting. It provides customers with access to the Measurisk risk engine, data repositories and reporting engine, allowing them to calculate risk based on current market rates. It also enables customers to conduct dynamic stress testing and overlay hedging analysis. The service targets corporates, fund managers, individual investors, insurance companies, plan sponsors and retail investors.

Pricing: Based on the level of portfolio complexity and frequency of reporting.

Oakvale Capital
Level 26
25 Bligh Street, Sydney,
NSW Australia 2000
Contact: Craig Hughes
Phone: 612-9222-2900
E-mail: Craigh@oakvale.com

Etreasury is an on-line treasury recording, valuation and reporting system that includes risk management advice. It covers foreign exchange, interest rates, money markets, and precious and base metal markets. The ASP is targeted primarily toward small- to medium-sized companies in Australasia, and supports VAR and option pricing models.

Pricing: AU$3,000/month.

Oanda Corp.
233 Broadway, 22nd Floor
New York, NY 10279
Contact: Michael Cox
Phone: 212-618-1487
E-mail: mcox@oanda.com

Oanda has two ASPs. Oanda Information Service identifies price reversals and trends in the currency and interest rate markets, and is targeted toward currency traders. The Olsen Scenario-based Portfolio Allocation System is a set of tools offering a comprehensive top-down approach to trading and portfolio investment. Given a set of user-defined constraints, scenarios and volatility models, it acts as a decision support tool, makes trading recommendations, and offers risk/return analysis. It supports Monte Carlo simulation models, and is targeted toward risk managers, hedge funds, asset and liability managers, private banking professionals, asset allocation managers, portfolio managers and individual investors.

Pricing: OIS is $125.00/month/user. Contact the company about OPAS.

OMR Systems
101 Business Park Drive, Suite 220
Skillman, NJ 08558
Contact: Jay Pila
Phone: 609-497-2000
E-mail: Info@omrsystems.com
Web Site: www.omrsystems.com

Trading Assistant Outsourcing is a treasury processing service that provides client-customizable straight-through processing, as well as portfolio and risk management functions for foreign exchange, money market, equity and fixed-income products. It supports mark-to-market, theoretical bond and option pricing (including Black Scholes, Garman Kohlhagen and Cox Rubinstein) and value-at-risk.

Pricing: Contact the company.

RiskBox.com Ltd.
The Linen Hall, 4th floor
162-168 Regent Street
London W1R 5TB, United Kingdom
Contact: Frederic Lefevre
Phone: 44-20-7663-9732
E-mail: flefevre@riskbox.com
Web Site: www.riskbox.com

Riskbox.com is a portfolio management and risk trading platform with real-time access to exchange-traded derivatives prices and trading information. It supports a range of pricing applications including Black-Scholes, Garman-Kohlhagen and binomial trees. The full launch is scheduled for the first quarter of 2001. The service targets money managers, commodity trading advisers, corporate treasurers, risk managers and other financial institutions.

Pricing: From £200 to £500 ($290 to $725) per month.

Risk Management
Solutions Inc.
149 Commonwealth Drive
Menlo Park, CA 94025
Contact: Paul VanderMarck
Phone: 650-617-6578
E-mail: Paulv@riskinc.com
Web Site: www.riskinc.com

Climetrix is an Internet-based weather risk management system that provides a range of weather data and state-of-the-art modeling capabilities for analyzing and tracking individual weather derivatives and portfolios. It supports highly customizable historical ("burn”) analysis models and stochastic Monte Carlo simulation models. The service targets weather derivative traders, including energy-trading companies, investment banks, fund managers and reinsurers.

Pricing: $30,000 per year and up.

RiskMetrics
44 Wall Street
New York, NY 10005
Contact: Purvi Tailor
Phone: 212-981-7417
E-mail: purvi.tailor@riskmetrics.com
Web Site: www.riskmetrics.com

RiskGrades is a risk measurement tool for individual investors and financial advisers that includes portfolio management functionality, charts, stress testing, risk alerts and adviser services on a range of asset classes, including stocks, funds, bonds, foreign exchange and options. It targets brokers, financial portals, financial advisers and individual investors.

Pricing: Based on access time, with a fixed price per transaction.

SS&C Technologies Inc.
80 Lamberton Road
Windsor, CT 06095
Contact: Beth Mercier
Phone: 860-298-4571
E-mail: Bmercier@sscinc.com
Web Site: www.sscinc.com

SS&C Direct provides a range of back-office accounting and processing services. Its ASPlus service hosts SS&C's applications software and provides automated workflow integration, automated quality control mechanisms, and various interface and connectivity services. The system is compatible with a wide range of analytic models including Open Bloomberg, Salomon Yield Book and CMS Bondedge. It targets hedge funds, institutional asset managers and insurance companies.

Pricing: Contact the company.

Summit Systems Inc.
22 Cortlandt Street, 31st Floor
New York, NY 10007
Contact: Thomas Hans
Phone: 212-896-3400
Web Site: www.summithq.com

Summit Transact is an integrated trading, operations and risk management platform service. The service covers fixed-income, foreign exchange, money markets, derivatives, equity and credit products, and supports a range of analytical models, including discounted cash flow, Black-Scholes variants (futures, dividends, spread, generalized, digital, barrier, average, geometric average), Garman-Kohlhagen, binomial, trinomial, Hull and White (with time varying volatility), Monte Carlo simulation, and Jarrow and Turnbull. It primarily targets small and medium-sized organizations including banks, corporates and hedge funds.

Pricing: Contact the company.

SunGard Trading and Risk Systems
560 Lexington Avenue, 9th Floor
New York, NY 10022
Contact: Adriana Senior
Phone: 212-745-9400
E-mail: Adriana.senior@risk.sungard.com
Web Site: www.risk.sungard.com

Efinity is a back-office system covering equities and fixed-income cash and derivative products. It targets banks and financial institutions.

Pricing: Contact the company.

Super Computer
Consulting Inc.
1070 Westfield Way
Mundelein IL 60060
Contact: Izzy Nelken
Phone: 847-837-0200
E-mail: info@supercc.com
Web Site: www.supercc.com

WeatherBox is a weather derivatives analysis service targeting energy companies, utilities and insurance companies. It supports Monte Carlo, burn analysis and numerical integration pricing applications.

Pricing: Contact the company.

Theoretics Inc.
7620 Royal Street East, Suite 203
P.O. Box 725
Park City, UT 84060
Contact: Leah Gibson-Leigh
Phone: 435-649-0380
E-mail: lgibson@theoretics.com
Web Site: www.theoretics.com

Theoretics is a fixed-income derivatives risk management system targeting corporates, banks, insurance companies, broker-dealers, consultants and money managers.

Pricing: $1,000 to $3,500 per month.

TreasuryConnect LLC
650 Fifth Avenue
New York, NY 10019
Contact: Ellis Simon
Phone: 212-830-4560
E-mail: simon@treasuryconnect.com
Web Site: www.treasuryconnect.com

TreasuryConnect is a trade communication and execution platform for OTC derivatives. It targets OTC derivatives dealers and institutional end-users.

Pricing: Winning bidders on each transaction pay 1/10 of a basis point to TreasuryConnect.

Trema AB
Drottninggatan 33, 1st Floor
P.O. Box 161 97
S-103 24 Stockholm, Sweden
Contact: Thomas Bergqvist
Phone: 46-8-406-1187
E-mail: Thomas.bergqvist@trema.com
Web Site: www.trema.com

Finance KIT is a straight-through processing, treasury, risk and asset-management system. It supports various pricing models and covers global foreign exchange, money market and fixed-income products. It targets large corporates seeking a fully integrated STP treasury system.

Pricing: There is a one-time implementation fee, followed by a quarterly subscription fee. Contact the company.

Vhayu (formerly TraderBot)
16400 Lark Avenue, #300
Los Gatos, CA 95032
Contact: Ron Baakkonen
Phone: 408-402-9897
E-mail: ron@traderbot.com
Web Site: www.vhayu.com

TraderBot, TraderAlert & SUReTick Advance financial analytics, provide real time tick databases for financial institutions, research desks, proprietary traders and active retail traders. They cover equities, futures, options and commodities.

Pricing: $40-$300/month.

Wall Street Systems
30 Broad Street
New York, NY 10004
Contact: Keith F. Bergman
Phone: 212-809-7200
E-mail: Keith.bergman@wallstreetsystems.com
Web Site: www.wallstreetsystems.com

FAS 133 is an ASP providing accounting entries, documentation and retrospective assessment for all FAS 133 and IAS 39-related issues.

Pricing: A monthly subscription based on volume, with a one-time configuration charge. Contact the company for more details.