SunGard said that its FastVal solution will help Santander Private Banking increase its operational efficiency when valuing its portfolios of non-liquid instruments.
The risk and compliance departments of the bank will use the solution to help meet the Consob requirements on the valuation of illiquid instruments and OTC derivatives.
FastVal will provide Santander Private Banking with an independent verification of valuations provided by its counterparties.
The flexibility of the valuation service will help bank independently value non-liquid instruments, helping it to manage the increasing complexity of derivatives pricing.
The FastVal solution will also provide Italian bank with transparency into its valuations, with the ability to drill down into data used in the valuation process to demonstrate how each specific valuation was determined.
Santander Private Banking IT manager Antonino Rao said that the risk and compliance department needed a solution to help reduce operational risk and meet Consob regulatory requirements.
"We identified SunGard’s FastVal as the most suitable pricing solution for our clients’ non-liquid instruments. We selected the solution for its ease of implementation, coverage of OTC instruments and flexibility in valuing complex derivatives, which will help us remain adaptable to changes in the industry," Rao said.
