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Risk Management

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Risk-Management Newsflashes

Hedge fund goes live with FNX's SierraASP; Austrian Bank installs The Wall Street System treasury engine; Kroll Factual Data releases Patriot Act compliance products; SuperDerivatives taps trading veteran to head North American sales.

- Luminary Capital Management(LCM), a recently formed global-macro hedge-fund based in New York City, is now live with FNX's cross-product SierraASP. The hedge fund chose SierraASP to support it trade capture, risk management and position keeping requirements after reviewing a number of IT platforms, the vendor states. The firm is using the browser-based platform to support trading of foreign exchange(FX), FX options, equities, futures, exchange traded options and fixed income.

- Andrew Lum, an LCM partner, states: "By seeing our consolidated real-time positions, we can closely monitor our portfolio management, risk, and P&L, resulting in a reduction of operational risk that will benefit our investors."

- Austria's Raiffeisen Zentralbank Osterreich(RZB) has replaced six legacy-trading systems with The Wall Street System (WSS) treasury engine across the enterprise. RZB went live with WSS treasury engine in the front office on April 7, seven months after the contract was signed. The back office was last to go live at the bank's headquarters in Vienna on August 18.

- The bank is one of the first WSS customers to go live with the interest- rate-derivatives (IRD) module, covering option pricing, market-data capture and analysis, risk management and portfolio management. The bank is now using the FX, currency options, money markets, exchange traded futures and options and IRD modules in the front office in Vienna. Middle and back-office modules, including value at risk, counterparty credit, confirmations, settlement and accounting, have also been installed.

- Kroll Factual Data released TruAlert, a suite of risk-detection products, to help firms comply with the customer-identification-program regulations of the USA Patriot Act. The package consists of RiskID to scan for inconsistencies in a person's history and to help identify fraudulent information. SocialID is a social security number(SSN)-based search that tells when an SSN was issued and whether the number has been reported as deceased or not. OFAC compliance cross checks customer names against the US Treasury Department Specially Designated Nationals and Blocked Persons List to help ensure that a firm does not engage in transactions with known or suspected terrorists.

- SuperDerivatives, the London-based currency-options-pricing system, has hired Carmine Ricciardi as its director of sales North America. Ricciardi will be based in New York. Ricciardi brings over 15 years of trading experience. Most recently, he worked for seven years as a senior dealer, currency options at Barclays Capital In New York. He started his trading career in 19988 at Merrill Lynch.

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