Mirae Asset Daewoo will be the first local financial institution in Korea to join the AcadiaSoft UMR community
Tokyo, March 9, 2021 - AcadiaSoft Inc., the leading industry provider of risk and collateral management services for the derivatives community, today announced a collaboration with Korean bond pricing company KIS Pricing and Korean Financial Services firm Mirae Asset Daewoo.
Mirae Asset Daewoo is the first local financial institution in Korea to join the AcadiaSoft UMR community. The initiative is part of AcadiaSoft efforts to make its products and solutions more accessible to the APAC region as Phase 5 and 6 firms fall into scope for the Uncleared Margin Rules (UMR).KIS Pricing recently established a partnership with AcadiaSoft to provide its clients with access to Initial Margin Exposure Manager. Under the new agreement, AcadiaSoft will deliver the UMR Collateral Suite, while KIS will develop Mirae Asset Daewoo Initial Margin (IM) calculation system, which includes:- Institutional consulting for IM calculations- Constructing a system for risk generation and sensitivity calculation using Mirae Asset's pricing engine- Creating a Common Risk Interchange Format (CRIF) file - this is used as the input for initial margin calculation- Developing an adaptor to connect with AcadiaSoft Initial Margin Exposure Manager & Collateral Manager
Takashi Nagai, APAC Head of Business Development for AcadiaSoft said: The partnership with Mirae Asset Daewoo and KIS Pricing is remarkable in terms of the genuine collaboration between the customer, local vendor and global vendor, and is an important step as we continue to establish ourselves in Korea and the wider APAC region. "With more than 40 financial institutions in-scope for IM Phase 5* in Korea, we hope our collaboration will motivate more local firms to be proactive with preparations for UMR. AcadiaSoft has been present in APAC for nearly five years and its services are used by more than 60 firms in the region. The firm currently engages with 36 local partners across the APAC region.
Song Young-jun, Head of KIS Pricing Financial Consulting Group said: Our partnership with AcadiaSoft enables us to provide Mirae Asset Daewoo with a bespoke solution for UMR compliance by bringing together two teams of collateral experts. Our recent partnership with AcadiaSoft has enabled us to offer our clients access to their industry-leading collateral management tools, and we are delighted to support Mirae Asset Daewoo on their work in this area as the deadline for UMR fast approaches. * as at Dec 2020
AcadiaSoft, Inc. is the leading industry provider of risk management services for the derivatives community. Its industry-wide repository of margin and collateral data helps firms to mitigate financial risk and optimize resources across the entire trade life cycle.
AcadiaSoft suite of analytics solutions and services helps firms measure the quantitative aspects of risk management. Through an open-access model, AcadiaSoft brings together the top derivatives banks and asset managers, along with several market infrastructures and innovative vendors.
Backed by 16 major industry participants and market infrastructures, AcadiaSoft is used by a community of over 1600 firms exchanging more than $1 trillion of collateral on daily basis via its margin automation services. AcadiaSoft is headquartered in Norwell, MA and has offices in Boston, Dublin, Dusseldorf, London, New York, and Tokyo. For more information, visit acadiasoft.com. Follow us on Twitter and LinkedIn.
About KIS Pricing
As Moody Corporation Korean Affiliate, KIS Pricing provides bond-related index information as well as bond/derivative/alternative investment product valuation services to major financial institutions such as banks, insurance companies, asset management companies, and securities companies.
KIS Pricing successfully evaluates the most product categories within Korea using its best valuation model and optimal method for each individual categories. It also provides system development and consulting services to respond to the ever-changing financial regulations.
Recently Moody requests KIS Pricing active cooperation in credit ratings and financial data services as well.
KIS Pricing is ranked as 2nd in the relevant industry when it comes to revenue/ operating profit; the bond valuation business is a license business that requires a valid registration from the Financial Services Commission. KIS Pricing recorded operating margins of 20% or above for 14 consecutive years and is continuing to maintain a sound financial structure as zero borrowing based on stable cash flow.
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