Under the terms of the deal, SunGard is expected to provide Santander Private Banking with its FastVal offering, an independent valuation service for over-the-counter (OTC) derivatives.
The FastVa service is set to enable Santander Private Banking to value its portfolios of non-liquid instruments. Thus, the risk and compliance departments of the Italian division are expected to use the service to meet the Consob requirements on the valuation of illiquid instruments and OTC derivatives.
In a recent development, SunGard has been selected by US public electric utilities company Seattle City Light to provide the latter with its Aligne trading and risk management service for its generation, wholesale and retail operations.
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