Numerix has announced the opening of a new office in Taiwan, adding to its existing presence in the Asia-Pacific region through offices in China, Hong Kong, Japan, South Korea, India and Australia.
The risk analytics group says that although the regulatory requirements outlined by Basel III, Solvency II and International Financial Reporting Standards (IFRS) are not pervasive, the pressure to comply with industry best practices is increasing as financial institutions in Taiwan look to fulfill select mandates introduced by the Basel Committee on Banking Supervision starting in 2013.
Numerix added that the new permanent office in Taiwan will help to meet the growing demand from its client base for structured products and exotic instruments throughout the region, and it also focus on building new, dynamic partnerships where its analytics can easily integrate with, or support existing products and infrastructure.
Joining its team is Steve Yen, vice president business development for Asia-Pacific, who will be based in Taiwan to support current customers and continued derivatives market growth. Yen will be responsible for working closely with all of the Numerix regional and global partners throughout the Asia-Pacific market. He previously worked with Thomson Reuters.
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