The derivatives valuation company includes FXpress functionality in its latest release.
It’s in there. More than eight months after its purchase of FXpress, derivative risk management and hedge accounting services provider Reval has released a new module that includes FXpress functionality.
Reval picked up FXpress in late August 2009 and in the intervening months has been learning the ins and outs of the FXpress offerings. Most notably was FXpress’s mastery of the workflow in the front end of the derivative transaction lifecycle. “When we used to compete with FXpress, we lost to them due to their investment in the FX workflow,” said Jiro Okochi, CEO and co-founder of Reval. “So a priority was to migrate that into Reval.”
So now included in the new release – Reval 10.0 – will be that FX workflow functionality, which was offered in FXpress’s FIRST product, along with straight-through processing to whatever trade platform a client uses – whether it’s FXall or a bank portal. Mr. Okochi said users will have a start-to-finish view of the transaction. “Being able to stay within the Reval environment to understand what exposures you have, execute a trade and link to the settlements will be beneficial.”
For treasurers and FX managers alike, this means a single sign- on and the ability to stay within one system to see what’s going on with your transaction while it’s being executed.
Mr. Okochi said Reval already has a couple of FIRST clients who want to migrate to the Reval platform. And over time, “As we fill the gaps between the two products,” more clients will likely make the switch. This may also happen as the Reval/FXpress platform evolves. In later releases, Mr. Okochi said Reval hopes to include more flexibility in its reporting, along with more graphics. And while the hope is that more clients do make that jump into the new Reval configuration, Mr. Okochi said FXpress clients will still be able to use their desktop and FIRST web setups; both of these will be supported indefinitely.
Other new aspects of the release include new developments to deal with Canada’s IFRS requirements and new German special hedge accounting requirements.