MBRM - MB Risk Management

Jan 2003

MB Risk Management (MBRM), founded in 1988 and recognized pioneers in financial analytics, is pleased to announce that it has purchased the rights to use the entire software intellectual property of Cygnifi Derivative Services LLC.

Cygnifi was formed by J.P. Morgan in February 2000 to develop applications for derivatives pricing, portfolio valuation, credit risk management, and collateral management.  Many of these applications have been based on software acquired from J.P. Morgan through the spin off and are considered to be "best in class.

The entire collection of Cygnifi's Intellectual Property was valued at US$ 42 million at the company's formation. Subsequent to which US$ 22.3 million in first round financing was raised in August 2000, which further enhanced and expanded Cygnifi's product range. Cygnifi filed for bankruptcy protection in October 2001.

Dr. Mamdouh Barakat, President and Chief Executive of MBRM, has been at the forefront of derivative software for fifteen years. In 1988 he founded MBRM and has succeeded in building up a client base of over 1,500 institutions and 30,000 users world-wide. He believes the acquisition of the rights to the Cygnifi applications will significantly enhance the existing MBRM product range. He added, "when I was approached to acquire the rights I saw it as an opportunity to expand our presence and profile within the market. These applications will complement our existing toolbox approach and complement many of our existing initiatives. MBRM aims to enhance its existing UNIVERSAL range of software and services by integrating them with the best components from Cygnifi's systems and promoting a best of breed solution. The enhanced offerings will be fully supported by MBRM". Dr. Barakat commented that "it is intellectually exciting to be involved with the constant evolution of analytical and risk management products but the compelling challenge has always been to remain committed to the clients' needs and provide consistent product support and enhancements which keep up to the clients' evolving requirements".

Among the intellectual property acquired by MBRM from Cygnifi are :

• Kapital Risk Management System, a portfolio and risk management application;
• Aladdin, a spreadsheet based multi-currency pricing tool;
• Cygnifi Analytics Library, the result of seven years of development;
• Sampras, a system for monitoring counterparty credit exposure and risk;
• Collateral Manager, a collateral operations support system;
• Collateral HeatMap, which provides collateral managers with advanced tools for evaluating risk in a collateralized portfolio;
• Trinity, a legal information service;
• Jamshidian Swap Market Model, a leading edge, proprietary swap market model;
• BLUE Derivatives Pricer, a derivatives valuation application;
• Djinni Swaps Pricer, an interest rate swap valuation application;
• Derivates Studio Web-based Derivatives Pricer, an interest rate and FX derivatives valuation system;
• Vizz Valuation Service, a web application to manage a portfolio of flow and exotic interest rate derivatives online;
• Mondrian, a P&L and Positions consolidation system.

Further details of the MBRM-Cygnifi collection of software can be found at :

• http://www.mbrm.com/cygnifi/mbrm_introduction_to_cygnifi_software.pdf
• http://www.mbrm.com/cygnifi/vizzdemo.htm
• http://www.mbrm.com/cygnifi/trinity_demo.htm
• http://www.mbrm.com/cygnifi/fizz.htm
• http://www.mbrm.com/cygnifi/fizzdemo.htm
• http://www.mbrm.com/cygnifi/kapital.pps
• http://www.mbrm.com/cygnifi/collateral_manager_htmlscreens.pps
• http://www.mbrm.com/cygnifi/mbrm_aladdin_overview.pps
• http://www.mbrm.com/cygnifi/mbrm_aladdin_models_and_products.doc
• http://www.mbrm.com/cygnifi/mbrm_aladdin_user_guide.doc
• http://www.mbrm.com/cygnifi/cygnifi_spring_2001.pdf

For further information, please contact our Sales Team

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