K Programming Environment Acquired by Two New York Banks

5 Oct 1998 | , , , ,
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Palo Alto (5 Oct 1998) – Kx Systems announced today that CIBC-Oppenheimer (BCM) has acquired a license to the latest release of K, called K 2.2, for use in the development of a proprietary front office application. Simultaneously, K has also been acquired by another large New York bank, for a back office application. The power of K, and its general applicability for finance, is demonstrated by the fact that high performance systems are going to be built in very different areas of each bank.

CIBC-Oppenheimer intends to use K on its convertible bond trading desk for modeling trading systems and for risk analysis. One of the advantages K brings to CIBC-Oppenheimer is its facility in managing and analyzing massive amounts of complex data. K is a particularly powerful tool on their NT network both for productivity and scalability.

The other large New York bank is using K for portfolio analytics such as performance measurements, investor guidelines and risk analysis. In particular, K will be used at this bank for developing their next generation of value-at-risk (VAR) analytics. K’s ease of implementation, especially its interprocess communication, has enabled this customer to get up and running right away. They are using an ODBC connection to Sybase and connecting their current VAR software directly to K.In addition, the web server capabilities provided by K have accelerated bringing their internet-based applications into production.

“We are excited to add these two institutions to our client list, and the K community,” said Katherine Wolf, Kx System’s Chief Operating Officer. “Complex systems developed by K customers range from enterprise-wide risk management, to OLAP tools, to dynamic financial modeling systems. It is rewarding to see our clients quickly move from concept to prototype to production applications. They are always amazed at the speed of the development cycle using K.”

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