Numerix Blog

Aaron Brown Review: The Wrong Answer Faster, by Numerix Co-Founder Michael Goodkin

“Any student of the history of quantitative finance, which means anyone interested in how we moved from the economy of the 1960s to the global derivative computer-run economy of today, will find this book invaluable. Even if Goodkin had done nothing on his own, he would have importance as a crucial link between theoreticians and practitioners, and between economics and academics in quantitative disciplines. Goodkin was an essential catalyst to the quantitative finance revolution.”

Read Aaron Brown’s review of The Wrong Answer Faster by Michael Goodkin to learn more about this book and the fascinating story behind the machines that trade trillions of dollars every day.

Understanding More about Model Risk Management: A TabbFORUM Video

View this short TabbFORUM video to learn more about the key challenges facing model risk management.

 

For more information about specific model risk management solutions, contact marketing@numerix.com.

Dr. Andrey Itkin Joins Numerix as Senior Vice President of Quantitative Development

Numerix Bolsters Leadership and Expertise of Quantitative Research & Development Team

Numerix is pleased to introduce Dr. Andrey Itkin as Senior Vice President of Quantitative Development. Dr. Itkin, who previously worked for JPMorgan, will be based in Numerix’s New York office.

Dr. Itkin has over 20 years of academic and professional experience in computational finance and physics including working as a quantitative analyst and developer with broad experience in analytic models, computational tools and strategies.  Dr. Itkin has been responsible for designing and developing high performance financial systems, both individually and as a team leader for many leading companies with in the global financial industry.

“On the same scale as some of the world’s largest financial institutions, Numerix’s team of quantitative analysts and financial engineers are committed to innovation and active quantitative research,” said Steve O’Hanlon, President and COO of Numerix. “With someone of Dr. Itkin’s academic caliber now leading our quantitative development and another two-thirds of our employees holding PhDs or advanced degrees in quantitative, financial or mathematical disciplines, Numerix has arguably one the most diverse and talented quantitative research and development teams in the business.”

Read the press release for more information.

Numerix Co-Founder, Michael Goodkin, Publishes Book, The Wrong Answer Faster: the Inside Story of Making the Machine that Trades Trillions

Michael Goodkin’s newly published book recounts the untold story of how one man with a great idea {Goodkin} decided not to play the market, and instead revolutionize the financial world for generations to come by creating the most ground breaking tool for market players since the ticker tape. Goodkin later on went to co-found Numerix, a software company that substituted computational physics for econometrics to better manage derivative risk.

The Wrong Answer Faster provides a firsthand account of one of the greatest revolutions in financial history. In 1967, moving from Chicago to New York in hopes of making his mark on the world, Goodkin notices by chance there are no computers on Wall Street. Drawing on his teenage trading experience that no one knows the right price for anything, he sees the opportunity to earn investors a consistent profit by joining his instinct for gambling with the expertise of future Nobel laureate economists and the speed of a computer to calculate the wrong answer faster than the professionals.

Learn more about this book and the fascinating story behind the machines that trade trillions of dollars every day.

Model Risk Management: Assessing and Tackling the Key Challenges

These days, many of us find ourselves up late at night mulling over the potential implications of Dodd-Frank and Basel III. Questions such as, “How much risk is really out there, and who is holding it?” may be dancing in our heads. As we find ourselves older and wiser post-2008 crisis, we’ve come to see that in the past, many market practitioners have overlooked an important component of risk management: model risk. With all the new regulations out there targeting different aspects of financial risk management, just how important is model risk and, moreover, how do we frame it?

Numerix Tops 2012 Structured Products Magazine’s Technology Rankings with No. 1 CVA and Cross-Asset Pricing Solution

Numerix wins best overall taking top honors in the risk management & pricing categories

Numerix announced today that the firm was voted best overall in Structured Products Magazine's Technology Rankings 2012 taking the No. 1 spot in Risk Management (market and credit) and Pricing and Analytics (credit, cross-asset and forex pricing).

Numerix finished first among the top ten technology vendors listed in the survey, moving up from last year’s second place position. Numerix dominated the Pricing and Analytics section of the survey ranking among the top three in all six possible Pricing and Analytics categories and taking the number one spot for credit, cross-asset and forex pricing. Numerix also received significant recognition for Risk Management being voted the best solution for market and credit risk.

“Over the past year our structured products clients have faced a number of challenges including those imposed by regulatory uncertainty and ongoing market volatility. However these challenges have also presented opportunities for Numerix to innovate and reflect the changing approaches in the industry,” said Steven R. O’Hanlon, President and COO of Numerix. “Being recognized as the best overall product solution for structured products is an incredible honor and a testament to our strategic goal to becoming the world’s most influential independent analytics provider.”

Respondents were asked to nominate the firms that provide the best product offers across different markets including: pricing, analytics, trading systems and risk management.

Read the press release for more information.

Numerix Expands European Presence to Support Client Growth across the Region

Increasing Client Demand Prompts New Office Openings in Frankfurt and Milan, in addition to Further European Expansion in Stockholm, Paris & London

Numerix today announced that it has expanded its local sales presence in Europe with the opening of two new offices in Frankfurt and Milan ―in addition to the expansion of its Stockholm, Paris and London offices.

Five industry experts have joined the Numerix EMEA team, helping to meet the increased demands for Numerix analytic and risk capabilities, as its clients continue to accelerate their integration of independent analytics―and enhance their risk infrastructures to accommodate new regulations and market best practices.

The new EMEA team members include: Wolfgang Porada, Regional Sales Manager, DACH; Maurizio Busetti, Regional Manager; Johan Stromberg, Regional Sales Manager, Nordic Region; Nicolas Thevenet, Regional Sales Manager, France, Belgium, Luxembourg and Iberia; Helena Frumson Belitsky, Regional Sales Manager, UK/Ireland & Central and Eastern Europe.

“We are very excited to have Wolfgang, Maurizio, Johan, Nicolas and Helena joining the Numerix EMEA team. Their proven talent and collective experience will greatly benefit our product offerings,” said Steven R. O’Hanlon, President and COO of Numerix. “The European marketplace is extremely important to Numerix, and our expansion in the region will continue to benefit our local clients and expand the robustness of our global offerings,” he added.

“I’m delighted to formally announce the creation of this excellent Numerix EMEA business team,” said Nick Haining, Managing Director, Numerix EMEA. “Their breadth of experience and local market knowledge not only allows us to expand Numerix’s presence in this key region, but also increase the local support to the region’s already long-standing client base.”

 Read the press release for more information.