Press Releases First Union Securities, Inc. adopts Applied Financial Technology, Inc.'s Prepayment and Option Pricing ModelsFirst Union Cites Flexibility and Sophistication as FactorsSan Francisco, November 1999 -- Applied Financial Technology, Inc. (formerly Espiel, Inc.) announced today that First Union Securities, Inc. has purchased its suite of prepayment and option pricing models. "We are impressed with the model's 'on target' analytics and open access to the manipulation of the multiple prepayment factors, which gives users the flexibility to redefine factors unlike a 'black box' system," said Lang Gibson, Vice President and Senior Strategist of First Union Securities' Quantitative Research Group. "We have integrated the models into our own proprietary Bond Analyzer as well as third-party fixed-income software and will eventually apply them to our trading and risk management systems." Michael Bykhovsky, CEO of Applied Financial Technology and a veteran of Wall Street, has spent more than 10 years developing prepayment models. He said, "Unlike most available models, we try to understand the underlying processes that go into the prepayment decision and build our models from there. Then we use historical market data to test our hypothesis." Applied Financial Technology, a privately held company headquartered in San Francisco, California, counts a number of leading financial institutions and regional investment banks and institutional investors among its clients. For More Information:
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