Principia Announces Early Achievement of SOFR Readiness Targets
New York, NY – August 19, 2020 - Principia Partners LLC, a leading solution provider for derivative and fixed income operations, today announced that both their enterprise platform, Principia Analytic System, and online valuation service, pasVal meet or exceed all SOFR readiness targets as itemized by the ARRC in their Internal Systems & Processes: Transition Aid for SOFR Adoption guide, published in July 2020.
This achievement confirms that Principia supports the lifecycle of SOFR based products including their valuation (discounted by LIBOR, Fed Funds or SOFR), curve calibration, IBOR fallback, risk measurement, through to hedge accounting. This includes: Interest Rate Swaps, OIS, Basis Swaps, Cap/Floors, Swaptions, Cancelable Swaps, and their associated hedged instruments with all the known coupon market-conventions.
“With the CME and LCH transitioning to SOFR discounting this October, we know the crunch is on for many financial institutions. We are ready and able to help them in a variety of ways. Our online valuation service can help them bridge the gap by providing independent valuations and model validation. As a monthly subscription with no long-term commitment, it’s a perfect short-term companion while they make the transition,” said Douglas Long, EVP Product Strategy at Principia.
Please visit www.pasVal.com for more information.
About Principia Partners
Principia Partners LLC provides solutions for derivative and fixed income operations. Global financial institutions and independent asset managers have used the award-winning Principia Analytic System since 1995 to unify valuations, portfolio management, risk surveillance, hedge accounting and operational control across the breadth of fixed income and derivative products. In 2015, Principia launched its Analytic Service, pasVal, to make its award-winning pricing and analytics available to an even broader range of businesses.