The Institute of Banking and Finance of the Karl-Franzens-University Graz checked the calculations of ecofinance’s Integrated Treasury System (ITS) software on the basis of case studies and confirmed the accuracy and relevance of the algorithms used.
One year ago, ecofinance requested the Institute of Banking and Finance at the University to certify the ITS. The target of the project was to test the calculation methods used in solution. The basis was a ‘financial handbook’, developed by Dina Abels, product manager of ecofinance, with case studies of the most important financial instruments. The following modules were tested:
- Money market.
- FX management (e.g. option contracts of plain vanilla to barrier options).
- Interest rate management (IR swaps, FRAs, caps, floors, swaptions, etc.).
- Loan management (evaluation of different types of loans).
- Securities, funds, certificates and stocks (e.g. bonds, stocks).
- Commodity management.
- Value at risk (VaR).
Dina Abels edited representative case studies for each module, and provided screenshots of the ITS illustrations. The results calculated by the solution were also shown in screenshots, and the steps of the calculations were formally depicted. In the case of evaluations, the configurations were illustrated, the market data used was given and the calculation methods, fair-value and amortised cost, were explained.
The final 270-page ‘financial handbook’ was tested in detail by the Institute of Banking and Finance of the Karl-Franzens-University Graz, and the methodical and mathematical correctness as well as consistency of the solution were confirmed.
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